Sampson co sold merchandise to batson co on account 39000, Ask an Expert

Accounting

Sampson Co. sold merchandise to Batson Co. on account, $39,000, terms 2/15, net 45. The cost of the merchandise sold is $29,250. Sampson Co. issued a credit memo for $5,900 for merchandise returned that originally cost $4,425. The Batson Co. paid the invoice within the discount period.

Assume both Sampson and Batson use a perpetual inventory system.

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Prepare the entries that Sampson Company would record for the (a) sale, (b) the cost of the sale, (c) the return and the cost of the return and (d) the collection. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

c. Return

c. Cost

Prepare the entries that Batson Company would record for the (a) purchase, (b) the return, and (c) the payment. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9957461

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