Sam shade purchased 280 lampshades at $10 each with terms of 4/15, n/30 from Lois Lamps on Nov 1. These lampshades had a cost of $5 each to Lois Lamps. On Nov 5, Sam Shade returned 10 lampshades and received credit of $10 each from Lois Lamps. Lois Lamps will return these shades into their inventory at their original cost of $5 each. On Nov 15, Sam shade paid the balance owed less the return and discount.

Prepare all required entries for Sam Shade (buyer).

#1 Points possible: 36, Total attempts: O Sam Shade purchased 280 lamshades at $10 each with terms of 4/15, n/30 from Lols Lamps on November 1. These Lampshades h Sam Shade returned 10 lampshades and received credit of $10 each from Lois Lamps. Lois amps will return these shades into their inventory at their original cost of $5 each. On ad a cost of $5 each to Lois Lamps. On Novemeber 5, November 15, Same Shade paid the balance owed less the return and discount a) Prepare all required entries for Sam Shade (buyer). Date Description Debit Credit 1-Nov Inventory 2800 Accounts Payable 2800 5 Nov Accounts Payablo 100 Inventory 100 15-Nov b) Prepare all required entries for Lois Lamp (seller). Date Descriptiorn Debit Credit 1-Nov 5-Nov 15-Nov