Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms 2/15, net 45 on December 26. The cost of the goods sold is $25,650. The Batson Co. paid the invoice on December 31, within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Required: Prepare the entries that both Sampson and Batson Companies would record for the above. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction. Chart of Accounts-Sampson Co. CHART OF ACCOUNTS Sampson Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Batson Co. 123 Accounts Receivable-Lyons Co. 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 211 Accounts Payable-Foltz Supplies 212 Accounts Payable-Batson Co. 221 Salaries Payable 222 Sales Tax Payable 223 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense 710 Interest Expense Chart of Accounts-Batson Co. CHART OF ACCOUNTS Batson Co. General Ledger ASSETS 110 Cash 122 Accounts Receivable-Sampson Co. 123 Accounts Receivable-Myers Ltd. 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 211 Accounts Payable-Lakefront Supplies 213 Accounts Payable-Sampson Co. 221 Salaries Payable 222 Sales Tax Payable 223 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense 710 Interest Expense General Journal Prepare the entries for Sampson Company would record for each transaction. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 Prepare the entries for Batson Company would record for each transaction. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4

Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms 2/15, net 45 on December 26. The cost of the goods sold is $25,650. The Batson Co. paid the invoice on December 31, within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Required: Prepare the entries that both Sampson and Batson Companies would record for the above. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction. Chart of Accounts-Sampson Co. CHART OF ACCOUNTS Sampson Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Batson Co. 123 Accounts Receivable-Lyons Co. 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 211 Accounts Payable-Foltz Supplies 212 Accounts Payable-Batson Co. 221 Salaries Payable 222 Sales Tax Payable 223 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense 710 Interest Expense Chart of Accounts-Batson Co. CHART OF ACCOUNTS Batson Co. General Ledger ASSETS 110 Cash 122 Accounts Receivable-Sampson Co. 123 Accounts Receivable-Myers Ltd. 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 211 Accounts Payable-Lakefront Supplies 213 Accounts Payable-Sampson Co. 221 Salaries Payable 222 Sales Tax Payable 223 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense 710 Interest Expense General Journal Prepare the entries for Sampson Company would record for each transaction. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 Prepare the entries for Batson Company would record for each transaction. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4

Name: Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms
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Description: Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms 2/15, net 45 on December 26. The cost of the goods sold is $25,650. The Batson Co. paid the invoice on December 31, within the discount period. Assume both Sampson and Batson use a

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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Prepare the entries that both Sampson and Batson Companies would record for the above. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction.

Chart of Accounts-Sampson Co.

CHART OF ACCOUNTS

Sampson Co.

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable-Batson Co.
123	Accounts Receivable-Lyons Co.
130	Inventory
131	Estimated Returns Inventory
140	Supplies
142	Prepaid Insurance
180	Land
190	Equipment
191	Accumulated Depreciation

	LIABILITIES
211	Accounts Payable-Foltz Supplies
212	Accounts Payable-Batson Co.
221	Salaries Payable
222	Sales Tax Payable
223	Customers Refunds Payable
231	Unearned Rent
241	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends

	REVENUE
410	Sales

	EXPENSES
510	Cost of Goods Sold
521	Delivery Expense
522	Advertising Expense
523	Depreciation Expense
526	Salaries Expense
531	Rent Expense
533	Insurance Expense
534	Supplies Expense
536	Credit Card Expense
560	Miscellaneous Expense
710	Interest Expense

Chart of Accounts-Batson Co.

CHART OF ACCOUNTS

Batson Co.

General Ledger

	ASSETS
110	Cash
122	Accounts Receivable-Sampson Co.
123	Accounts Receivable-Myers Ltd.
130	Inventory
131	Estimated Returns Inventory
140	Supplies
142	Prepaid Insurance
180	Land
190	Equipment
191	Accumulated Depreciation

	LIABILITIES
211	Accounts Payable-Lakefront Supplies
213	Accounts Payable-Sampson Co.
221	Salaries Payable
222	Sales Tax Payable
223	Customers Refunds Payable
231	Unearned Rent
241	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends

	REVENUE
410	Sales

	EXPENSES
510	Cost of Goods Sold
521	Delivery Expense
522	Advertising Expense
523	Depreciation Expense
526	Salaries Expense
531	Rent Expense
533	Insurance Expense
534	Supplies Expense
536	Credit Card Expense
560	Miscellaneous Expense
710	Interest Expense

General Journal

Prepare the entries for Sampson Company would record for each transaction. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5
6

Prepare the entries for Batson Company would record for each transaction. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4

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