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Asked Dec 9, 2019
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Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the merchandise sold is $19,000. Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Assume all discounts are taken.

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Debit ($) Credit ($) Accounts and Explanation In the books of company s Accounts Receivable [$31,800 - ($31,800*2%] Date $31,164 $31,164 Sales ( To record the sale of inventory on account after discount) Cost of merchandise sold Merchandise inventory To record the cost of merchandise sold) $19,000 $19,000 $31,164 Cash $31,164 Accounts receivable To record cash received less discount)

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