On December 22, Sampson Co. sold merchandise to Batson Co. on account, $22,700, terms 2/15, net 45. The cost of the goods sold is $17,025. On December 31, Batson Co. paid the invoice 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.

Prepare the entries that Sampson Company would record for the transactions on December 22 and December 31. Refer to the Chart of Accounts for exact wording of account titles.

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Prepare the entries that Batson Company would record for the transactions on December 22 and December 31. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
4