Asked Dec 9, 2019

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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Step 1

Entries in the books of Sath...


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Account titles and Explanation Debit Credit Date Accounts receivable ($31,800 - ($31,800*2%) $ 31,164 $ 31,164 Sales |(To record sales of inventory on account after discount) Cost of merchandise goods sold $ 19,000 $ 19,000 Merchandise inventory |(To record cost of merchandise sold) $ 31,164 Cash $ 31,164 Accounts receivable (To record cash received less discount)


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