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.

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.

X

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