**Journalize the Entries for Batson Company**The task is to record the journal entries that Batson Company would need to make based on the information provided. For any amount box that does not require an entry, it should be left blank.### Journal Entries- **Entry a:** - Two dropdowns and two associated blank spaces for amounts.- **Entry b:** - Two dropdowns and two associated blank spaces for amounts.- **Entry c:** - Three dropdowns and three associated blank spaces for amounts.Each entry consists of dropdown menus for account titles and corresponding boxes to input the dollar amounts. If there's no amount to record, the space should be kept empty. **Transaction Details for Journal Entries:**a. Sampson Co. sold merchandise to Batson Co. on account for $36,800, with terms 2/15, n/45. b. The cost of goods sold is $27,600. c. The Batson Co. paid the invoice within the discount period.Assume both Sampson and Batson use a perpetual inventory system and that Sampson Co. records sales discounts using the net method.**Instructions for Journalizing Entries:**- 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.**Entry Fields:**- **a. (Initial Sale)** - First entry: Account selection (dropdown) | Amount - Second entry: Account selection (dropdown) | Amount - **b. (Recording Cost of Goods Sold)** - First entry: Account selection (dropdown) | Amount - Second entry: Account selection (dropdown) | Amount - **c. (Payment within Discount Period)** - First entry: Account selection (dropdown) | Amount - Second entry: Account selection (dropdown) | Amount Please ensure that each entry is correctly categorized and recorded following the standard accounting procedures, reflecting both the sales transaction and receipt of payment.

The company making sales n account offers the discount. For example, 3/10, n/30, means that a…

Answered: Journalize the entries that Batson…

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.

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

**Journalize the Entries for Batson Company**

The task is to record the journal entries that Batson Company would need to make based on the information provided. For any amount box that does not require an entry, it should be left blank.

### Journal Entries

- **Entry a:**
- Two dropdowns and two associated blank spaces for amounts.

- **Entry b:**
- Two dropdowns and two associated blank spaces for amounts.

- **Entry c:**
- Three dropdowns and three associated blank spaces for amounts.

Each entry consists of dropdown menus for account titles and corresponding boxes to input the dollar amounts. If there's no amount to record, the space should be kept empty.

**Transaction Details for Journal Entries:**

a. Sampson Co. sold merchandise to Batson Co. on account for $36,800, with terms 2/15, n/45.
b. The cost of goods sold is $27,600.
c. The Batson Co. paid the invoice within the discount period.

Assume both Sampson and Batson use a perpetual inventory system and that Sampson Co. records sales discounts using the net method.

**Instructions for Journalizing Entries:**

- 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.

**Entry Fields:**

- **a. (Initial Sale)**
- First entry: Account selection (dropdown) | Amount
- Second entry: Account selection (dropdown) | Amount

- **b. (Recording Cost of Goods Sold)**
- First entry: Account selection (dropdown) | Amount
- Second entry: Account selection (dropdown) | Amount

- **c. (Payment within Discount Period)**
- First entry: Account selection (dropdown) | Amount
- Second entry: Account selection (dropdown) | Amount

Please ensure that each entry is correctly categorized and recorded following the standard accounting procedures, reflecting both the sales transaction and receipt of payment.

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