Sam Shade purchased 200 lamshades at $10 each with terms of 3/15, n/30 from Lois Lamps...

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Sam Shade purchased 200 lamshades at $10 each with terms of 3/15, n/30 from Lois Lamps on November 1. These lampshades had a cost of $5 each to Lois Lamps. On Novemeber 5, Sam Shade returned 5 lampshades and received credit of $10 each from Lois Lamps. Lois Lamps will return these shades into their inventory at their original cost of $5 each. On November 15, Same Shade paid the balance owed less the return and discount. a) Prepare all required entries for Sam Shade (buyer). Date 1-Nov 5-Nov 15-Nov Date 1-Nov 5-Nov Inventory 15-Nov Accounts Payable Accounts Payable Inventory b) Prepare all required entries for Lois Lamp (seller). Accounts Payable Description Inventory Cash Description Accounts Receivable. Cost of Goods Sold Inventory X X X X X X Debit Debit 50✓ X X X X Credit Credit 50✓ Sam Shade purchased 200 lamshades at $10 each with terms of 3/15, n/30 from Lois Lamps on November 1. These lampshades had a cost of $5 each to Lois Lamps. On Novemeber 5, Sam Shade returned 5 lampshades and received credit of $10 each from Lois Lamps. Lois Lamps will return these shades into their inventory at their original cost of $5 each. On November 15, Same Shade paid the balance owed less the return and discount. a) Prepare all required entries for Sam Shade (buyer). Date 1-Nov 5-Nov 15-Nov Date 1-Nov 5-Nov Inventory 15-Nov Accounts Payable Accounts Payable Inventory b) Prepare all required entries for Lois Lamp (seller). Accounts Payable Description Inventory Cash Description Accounts Receivable. Cost of Goods Sold Inventory X X X X X X Debit Debit 50✓ X X X X Credit Credit 50✓

Answer rating: 100% (QA)

a Entries for Sam Shade Buyer On November 1 Purchase of 200 lampshades at 10 each Debit Inventory La... View the full answer