Travis Company purchased merchandise on account from a supplier for $14,700, terms 3/10, net 30. Travis returned $2,100 of the merchandise and received full credit. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record all of the journal entries required for the above transactions. 

2. Journalize the following merchandise transactions: 

A. Sold merchandise on account, $26,300 with terms 3/10, net 30. The cost of the merchandise sold was $22,600.

 B. Received payment less the discount. 3. Sampson Co. sold merchandise to Batson Co. on account, $66,500, terms 3/15, net 45. The cost of the merchandise sold is $48,550. Sampson Co. issued a credit memo for $1,800 for merchandise returned that originally cost $1,350. 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 perpetual inventory system/

Answer rating: 100% (QA)

Answer 1 Debit Credit Accounts Receivable 14700 Inventory 14700 Returns and Allowances 2100 ... View the full answer