a. Sampson Co. sold merchandise to Batson Co. on account, $24,30o, terms 2/15, net 45.b. The cost of the merchandise sold is $18,225.c. Batson Co. paid the invoice within the discount period.Assume both Sampson and Batson use a perpetual inventory system.Prepare the entries that Sampson Co. would record for the information above.a.b.C.Prepare the entries that Batson Co. would record for the information above.a. and b.C.

Solution Date Particulars Debit Credit Batson Co. A/c 24,300 To Sales A/c 24,300…

Answered: a. Sampson Co. sold merchandise to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hirsch Company buys inventory for $25,000 on terms of 1/10, n/30. It pays within the discount period. Required: 1. Prepare the journal entries to record the purchase and the payment under both the (a) gross price and (b) net price methods. Assume that Hirsch uses a periodic inventory system. 2. Prepare the journal entries to record the purchase and payment under both the (a) gross price and the (b) net price methods. Assume that Hirsch uses a perpetual inventory system. 1a. Prepare the journal entries to record the purchase on March 14 and the payment on March 22 under the gross price method assuming a periodic inventory system. 1b. Prepare the journal entries to record the purchase on March 14 and the payment on March 22 under the net price method assuming a periodic inventory system. 2a. Prepare the journal entries to record the purchase on March 14 and the payment on March 22 under the gross price method assuming a perpetual inventory system. 2b. Prepare the…
Shore Co. sold merchandise to Blue Star Co. on account, $32,400, terms FOB shipping point, 2/15, n/30. The cost of the goods sold is $17,500. Shore paid freight of $900. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles.
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Travis Company purchased merchandise on account from a supplier for $14,000, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, journalize these transactions. If an amount box does not require an entry, leave it blank. a. b.
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a. Sampson Co. sold merchandise to Batson Co. on account, $35,200, terms 2/15, n/45. b. The cost of the goods sold is $26,400. c. The Batson Co. paid the invoice within the discount period. Assume that both Sampson and Batson use a perpetual inventory system and that Sampson Co. uses the net method of recording sales discounts. If no entry is required, select "No entry required" and leave the amount boxes blank. Journalize the entries that Sampson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. C. Journalize the entries that Batson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. C.
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