On March 1, Sather Co. sold merchandise to Boone Co. on account, $32,400, terms 2/15, n/30....
On March 1, Sather Co. sold merchandise to Boone Co. on account, $32,400, terms 2/15, n/30. The cost of the merchandise sold is $17,500. The merchandise was paid for on March 14. Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles.
Homework Answers
| The solution is based on Net method | ||||
| Sather Co. | ||||
| Mar. 1 | Accounts Receivable-Boone Co. | 31752 | =32400*(1-2%) | |
| Sales | 31752 | |||
| Mar. 1 | Cost of Merchandise Sold | 17500 | ||
| Merchandise Inventory | 17500 | |||
| Mar. 14 | Cash | 31752 | ||
| Accounts Receivable-Boone Co. | 31752 | |||
| Boone Co. | ||||
| Mar. 1 | Merchandise Inventory | 31752 | ||
| Accounts payable-Sather Co. | 31752 | |||
| Mar. 14 | Accounts payable-Sather Co. | 31752 | ||
| Cash | 31752 | |||
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On March 1, Sather Co. sold merchandise to Boone Co. on account,
$32,400, terms 2/15, n/30....
On March 1, Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30.
On March 1, 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. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company's Chart of Accounts for exact wording of account titles.
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Please help Instructions On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co....
Please help
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Please help
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dec 1. sold merchandise on account $17300 with terms 2/10 net
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