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Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45 on December 26. The cost of the goods sold is $38,500 on December 31. The Batson Co. paid the invoice on December 31, within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Required: Prepare the entries that both Sampson and Batson Companies would record for the above. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction. CHART OF ACCOUNTS Sampson Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable-Batson Co. 123 Accounts Receivable-Lyons Co. EXPENSES 130 Inventory 510 Cost of Goods Sold 131 Estimated Returns Inventory 521 Delivery Expense 522 Advertising Expense 140 Supplies 142 Prepaid Insurance 523 Depreciation Expense 180 Land 526 Salaries Expense 190 Equipment 531 Rent Expense 191 Accumulated Depreciation 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense LIABILITIES 211 Accounts Payable-Foltz Supplies 212 Accounts Payable-Batson Co. 221 Salaries Payable 710 Interest Expense 222 Sales Tax Payable 223 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends CHART OF ACCOUNTS Batson Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 122 Accounts Receivable-Sampson Co. 123 Accounts Receivable-Myers Ltd. 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense 710 Interest Expense 190 Equipment 191 Accumulated Depreciation LIABILITIES 211 Accounts Payable-Lakefront Supplies 213 Accounts Payable-Sampson Co. 221 Salaries Payable 222 Sales Tax Payable 223 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Prepare the entries for Sampson Company would record for each transaction. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction. PAGE 1 JOURNAL ACCOUNTING EQUATION POST. REF. DEBIT CREDIT LIABILITIES EQUITY DATE Dec. 26 DESCRIPTION Accounts Receivable-Batson Co. ASSETS 1 1 46,000.00 2 Sales 46,000.00 1 3 Dec. 26 Cost of Goods Sold 38,500.00 1 4 Sales 38,500.00 1 5 Dec. 31 Cash 45,080.00 1 6 Miscellaneous Expense 920.00 1 Prepare the entries for Batson Company would record for each transaction. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Dec. 26 Inventory 46,000.00 1 2 Accounts Payable-Sampson Co. 46,000.00 t 3 Dec. 31 Inventory 920.00 1 4 Cash 45,080.00