a. Sampson Co. sold merchandise to Batson Co. on account, $32,20o, terms 2/15, net 45.b. The cost of the merchandise sold is $24,150.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.Prepare the entries that Batson Co. would record for the information above.a. and b.C.

Journal entries in the books of Sampson Co. sales discount = $32,200* 2% =…

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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Complete the necessary journal entries for the company below. a. ABC Co purchased $1,000 of inventory on account. Credit Terms 2/10, n/30. X/X b. ABC Co paid for shipping of $50 for the purchase. (FOB Shipping Point) X/X c. ABC Co. returned $400 of the purchased. X/X d. ABC Co. paid the bill within the discount period. X/X
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…
On July 1, Hernandez, Inc. purchased merchandise for $2,500, with terms of 1/10, n/30. On July 5, the firm returned $1 ,000 of the merchandise to the seller. Payment of the account occurred on July 8. Hernandez uses the perpetual inventory system. a. Prepare the journal entries for July 1, July 5, and July 8. b. Assuming that the account was paid on July 14, prepare the journal entry for payment on that date.
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.
Journalize the following foregoing transactions of the seller, assuming that the company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Merchandise with a list price of $4,200 and costing $2,300 is sold on account, subject to the following terms: FOB destination, 2/10, n/30. The seller prepays the freight costs of $85 (debit Delivery Expense for the freight costs). 4 Prior to payment for the goods, the seller issues a credit memo for $750 to the customer for merchandise costing $425 that is returned. 8 Payment is received within the discount period.
Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the merchandise sold is $19,000. Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Assume all discounts are taken.
1. Merchandise with a list price of $7,425 is purchased on account, terms FOB shipping point, n/30. The seller prepaid transportation costs of $300. Prior to payment, $1,000 of the merchandise is returned. The correct amount is paid within the discount period.(net method) Record the foregoing transactions of the buyer in the sequence indicated below. a) Purchased the merchandise b) Recorded receipt of the credit memorandum for merchandise returned. c) Paid the amount owed.
Sold merchandise inventory to Hayes Company,5500,on account .Term3/15, n/35.Cost of goods ,2,530. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expenses related to the sale. We will do that in the following step.
Journalize the following transactions. Assume the Perpetual inventory system: December 9: Purchased merchandise from Ree Co. on account, $3,300, F.O.B. shipping point (buyer pays freight); terms 2/10, n/30. Freight to be paid on December 20. December 20: Paid freight on December 9 purchase, $110.
. EX.06.204.ALGO Sampson Co. sold merchandise to Batson Co. on account, $28,500, terms 2/15, net 45. The cost of the merchandise sold is $21,375. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Journalize these transactions for Sampson Co. If an amount box does not require an entry, leave it blank. a. fill in the blank 9d2beefcd029043_2 fill in the blank 9d2beefcd029043_3 fill in the blank 9d2beefcd029043_5 fill in the blank 9d2beefcd029043_6 b. fill in the blank 9d2beefcd029043_8 fill in the blank 9d2beefcd029043_9 fill in the blank 9d2beefcd029043_11 fill in the blank 9d2beefcd029043_12 c. fill in the blank 9d2beefcd029043_14 fill in the blank 9d2beefcd029043_15 fill in the blank 9d2beefcd029043_17 fill in the blank 9d2beefcd029043_18 Journalize these transactions for Batson Co. If an amount box does not require an entry, leave it blank. a. and b.…
please answer all with working
Travis Company purchased merchandise on account from a supplier for $12,300, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. a. b.

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