Sampson Co. sold merchandise to Batson Co. on account, $22,900, terms 2/15, net 45. The cost of the goods sold is $17,175. The Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. If no entry is required, select "No entry required" and leave the amount boxes blank. Prepare the entries that Sampson Company would record for the information above
Sampson Co. sold merchandise to Batson Co. on account, $22,900, terms 2/15, net 45. The cost of the goods sold is $17,175. The Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. If no entry is required, select "No entry required" and leave the amount boxes blank. Prepare the entries that Sampson Company would record for the information above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Sampson Co. sold merchandise to Batson Co. on account, $22,900, terms 2/15, net 45.
- The cost of the goods sold is $17,175.
- The Batson Co. paid the invoice within the discount period.
Assume both Sampson and Batson use a perpetual inventory system.
If no entry is required, select "No entry required" and leave the amount boxes blank.
Prepare the entries that Sampson Company would record for the information above.
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