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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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.
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- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.On March 1, Sather Co. sold merchandise to Boone Co. on account, $28,200, terms 2/15, n/30. The cost of the merchandise sold is $17,500. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titlesa. Sampson Co. sold merchandise to Batson Co. on account, $32,20o, terms 2/15, net 45. b. The cost of the merchandise sold is $24,150. c. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Prepare the entries that Sampson Co. would record for the information above. a. b. Prepare the entries that Batson Co. would record for the information above. a. and b. C.
- On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.a. Sampson Co. sold merchandise to Batson Co. on account, $24,30o, terms 2/15, net 45. b. The cost of the merchandise sold is $18,225. c. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Prepare the entries that Sampson Co. would record for the information above. a. b. C. Prepare the entries that Batson Co. would record for the information above. a. and b. C.Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the sales amount to be recorded in the above transactions?
- Statham Co. sold merchandise to Bloomingdale Co. on account, $147,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $88,600. Statham Co. paid freight of $2,400. Journalize the entries for Statham Co. and Bloomingdale Co. for the sale, purchase, and payment of amount due. Assume that all discounts are taken.Sampson Co. Sold merchandise to Batson Co., on account, $46,0000, terms 2/15, n/45. The cost of the merchandise sold is $38,500. Batson Co. paid the invoice within the discount period. Prepare the entries for Sampson Co. for a) the sale of the merchandise and, b) the receipt of payment from Batson.Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the gross method of recording sales discounts. A. Journalize the entries to record the sale on December 31. B. Journalize the entries to record the receipt of payment assuming it is made within the discount period on December 31.* C. Journalize the entries to record the receipt of payment assuming it is made beyond the discount period on December 31.* *Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSSchofield CompanyGeneral Ledger ASSETS 110 Cash 120 Accounts Receivable-Bernard Retail Inc. 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated…
- Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the gross method of recording sales discounts. A. Journalize the entries to record the sale on December 31. B. Journalize the entries to record the receipt of payment assuming it is made within the discount period on December 31.* C. Journalize the entries to record the receipt of payment assuming it is made beyond the discount period on December 31.* *Refer to the Chart of Accounts for exact wording of account titles.Merchandise is sold on account to a customer for $14,100, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $590. Determine the following: a. Amount of the sale b. Amount debited to Accounts Receivable c. Amount received within the discount periodScheduled Co. Sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the gross method of recording sales discounts. A. Journalize the entries to record the sale on December 31. B. Journalize the entries to record the receipt of payment assuming it is made within the discount period on December 31. C. Journalize the entries to record the receipt of payment assuming it is made beyond the discount period on December 31.