Journalize the following inventory merchandise transactions for both Sampson and Batson, assuming that the both Sampson and Batson uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms 2/15, net 45. The cost of the merchandise sold is $25,650. 6 Batson Co. paid the invoice within the discount period.
Journalize the following inventory merchandise transactions for both Sampson and Batson, assuming that the both Sampson and Batson uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms 2/15, net 45. The cost of the merchandise sold is $25,650. 6 Batson Co. paid the invoice within the discount period.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEB: Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Assuming a perpetual...
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Journalize the following inventory merchandise transactions for both Sampson and Batson, assuming that the both Sampson and Batson uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.
| Dec. | 1 | Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms 2/15, net 45. The cost of the merchandise sold is $25,650. |
| 6 | Batson Co. paid the invoice within the discount period. |
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