Sampson Co. sold merchandise to Batson Co. on account, $36,900, terms 2/15, net 45. The cost...
Sampson Co. sold merchandise to Batson Co. on account, $36,900, terms 2/15, net 45.
The cost of the merchandise sold is $27,675.
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.
Homework Answers
Journal entry
| No | Account and explanation | Debit | Credit |
| 1 | Account receivable | 36900 | |
| Sales revenue | 36900 | ||
| (To record sales) | |||
| Cost of goods sold | 27675 | ||
| Merchandise inventory | 27675 | ||
| (To record cost of goods sold) | |||
| 2 | Cash (36900*98%) | 36162 | |
| Sales discount | 738 | ||
| Account receivable | 36900 | ||
| (To record collection) |
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Sampson Co. sold merchandise to Batson Co. on account, $36,900,
terms 2/15, net 45.
The cost...
a. Sampson Co. sold merchandise to Batson Co. on account, $29,900, terms 2/15, net 45. b....
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Sampson Co. sold merchandise to Batson Co. on account, $27,600, terms 2/15, net 45. The cost of the goods sold is $20,700. 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. If an amount box does not require an entry, leave it...
Help to solve this problem for my Intro to Accounting class Problems: 1. Sampson Co. sold...
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a. Sampson Co. sold merchandise to Batson Co. on account, $29,900, terms 2/15, net 45. b. The cost of the merchandise sold is $22,425. 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. Accounts Payable-Batson Co. Sales b. Cost of Merchandise Sold Merchandise Inventory C Sales Accounts Receivable-Batson Co. Prepare the entries that Batson Co. would...
Help to solve this problem for my Intro to Accounting
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Problems: 1. Sampson Co. sold merchandise to Batson Co. on account, 546,000, terms 2/15, net 45. The cost of the merchandise sold is $38.500. Sampson Caissued a credit memo for $1.500 for merchandise returned that originally cost $950. The Batson Co. paid the invoice within the discount period Prepare the entries that both Sampson and Batson Companies would record for the above. Assume both Sampson and Batson use a...
a. Sampson Co. sold merchandise to Batson Co. on account, $25,500, terms 2/15, net 45. b. The cost of the goods sold is $19,125. c. 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. If an amount box does not require an...
Abbey Co. sold merchandise to Gomez Co. on account, $31,100, terms 2/15, net 45. The cost of the merchandise sold was $13,900. Abbey Co. issued a credit memo for $3,400 for merchandise returned that originally cost $1,400. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Coon the above transactions? Ca. $30,478 . $27,146 c. $14,646 d. $3,400
Abbey Co. sold merchandise to Gomez Co. on account, $34,500, terms 2/15, net 45. The cost of the goods sold was $15,336. Abbey Co. issued a credit memo for $1,100 for merchandise returned that originally cost $1,217. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? $19,691 $14,119 $15,673 $4,100 (Ctrl) x N O P
wered Travelli Co. sold merchandise to Trapani Co. on account, $17,000, terms 2/15, net 45. The cost of the merchandise sold is $15,400. Travel Co. issued an allowance for $1,750 for merchandise returned that originally cost $1,400. Trapani Co paid the invoice within the discount period. What is amount of net sales from the above transactions? of 2.50 estion Select one A $17,000 B. $15,250 C. $14,945 D. None of these choices
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