Sampson Co sold merchandise to Batson Co on account, $25,300, terms 2 15, n 45 The cost of the goods sold is $18,975 The Batson Co paid the invoice within the discount period Assume that both Sampson and Batson use a perpetual inventory system and that Sampson Co uses the net method of recording sales discounts If no entry is required, select No entry required and leave the amount boxes blank Question Content Area Journalize the entries that Sampson Company would record for the information above If an amount box does not require an entry, leave it blank Transaction Account Debit Credit a Accounts Payable Batson Co Accounts Receivable Batson Co SalesSales DiscountsNo entry requiredAccounts Receivable Batson Co Accounts Receivable Batson Co Accounts Receivable Batson Co Accounts Payable Batson Co Accounts Receivable Batson Co SalesSales DiscountsNo entry requiredSales Sales Sales b Accounts Payable Batson Co Accounts Receivable Batson Co Cost of Goods SoldInventoryNo entry requiredCost of Goods Sold Cost of Goods Sold Cost of Goods Sold Accounts Payable Batson Co Accounts Receivable Batson Co Cost of Goods SoldInventoryNo entry requiredInventory Inventory Inventory c Accounts Payable Batson Co Accounts Receivable Batson Co CashSales Returns and AllowancesNo entry requiredCash Cash Cash Accounts Payable Batson Co Accounts Receivable Batson Co Cost of Goods SoldInventoryNo entry requiredAccounts Receivable Batson Co Accounts Receivable Batson Co Accounts Receivable Batson Co Question Content Area Journalize the entries that Batson Company would record for the information above If an amount box does not require an entry, leave it blank Transaction Account Debit Credit a Accounts Payable Sampson Co Accounts Receivable Sampson Co CashInventoryNo entry requiredInventory Inventory Inventory Accounts Payable Sampson Co Accounts Receivable Sampson Co CashInventoryNo entry requiredAccounts Payable Sampson Co Accounts Payable Sampson Co Accounts Payable Sampson Co b Accounts Payable Sampson Co Accounts Receivable Sampson Co CashInventoryNo entry requiredNo entry required No entry required No entry required Accounts Payable Sampson Co Accounts Receivable Sampson Co CashInventoryNo entry requiredNo entry required No entry required No entry required c Accounts Payable Sampson Co Accounts Receivable Sampson Co CashInventoryNo entry requiredAccounts Payable Sampson Co Accounts Payable Sampson Co Accounts Payable Sampson Co Accounts Payable Sampson Co Accounts Receivable Sampson Co CashCost of Goods SoldNo entry requiredCash Cash Cash Accounts Payable Sampson Co Accounts Receivable Sampson Co Cost of Goods SoldInventoryNo entry requiredInventory Inventory Inventory

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 19, 2024

Sampson Co. sold merchandise to Batson Co. on account, $25,300, terms 2/15, n/45.
The cost of the goods sold is $18,975.
The Batson Co. paid the invoice within the discount period.

Assume that both Sampson and Batson use a perpetual inventory system and that Sampson Co. uses the net method of recording sales discounts.

If no entry is required, select "No entry required" and leave the amount boxes blank.

Journalize the entries that Sampson Company would record for the information above. If an amount box does not require an entry, leave it blank.

Transaction	Account	Debit	Credit
a.	Accounts Payable-Batson Co.Accounts Receivable-Batson Co.SalesSales DiscountsNo entry requiredAccounts Receivable-Batson Co.	Accounts Receivable-Batson Co.	Accounts Receivable-Batson Co.
	Accounts Payable-Batson Co.Accounts Receivable-Batson Co.SalesSales DiscountsNo entry requiredSales	Sales	Sales
b.	Accounts Payable-Batson Co.Accounts Receivable-Batson Co.Cost of Goods SoldInventoryNo entry requiredCost of Goods Sold	Cost of Goods Sold	Cost of Goods Sold
	Accounts Payable-Batson Co.Accounts Receivable-Batson Co.Cost of Goods SoldInventoryNo entry requiredInventory	Inventory	Inventory
c.	Accounts Payable-Batson Co.Accounts Receivable-Batson Co.CashSales Returns and AllowancesNo entry requiredCash	Cash	Cash
	Accounts Payable-Batson Co.Accounts Receivable-Batson Co.Cost of Goods SoldInventoryNo entry requiredAccounts Receivable-Batson Co.	Accounts Receivable-Batson Co.	Accounts Receivable-Batson Co.

Journalize the entries that Batson Company would record for the information above. If an amount box does not require an entry, leave it blank.

Transaction	Account	Debit	Credit
a.	Accounts Payable-Sampson Co.Accounts Receivable-Sampson Co.CashInventoryNo entry requiredInventory	Inventory	Inventory
	Accounts Payable-Sampson Co.Accounts Receivable-Sampson Co.CashInventoryNo entry requiredAccounts Payable-Sampson Co.	Accounts Payable-Sampson Co.	Accounts Payable-Sampson Co.
b.	Accounts Payable-Sampson Co.Accounts Receivable-Sampson Co.CashInventoryNo entry requiredNo entry required	No entry required	No entry required
	Accounts Payable-Sampson Co.Accounts Receivable-Sampson Co.CashInventoryNo entry requiredNo entry required	No entry required	No entry required
c.	Accounts Payable-Sampson Co.Accounts Receivable-Sampson Co.CashInventoryNo entry requiredAccounts Payable-Sampson Co.	Accounts Payable-Sampson Co.	Accounts Payable-Sampson Co.
	Accounts Payable-Sampson Co.Accounts Receivable-Sampson Co.CashCost of Goods SoldNo entry requiredCash	Cash	Cash
	Accounts Payable-Sampson Co.Accounts Receivable-Sampson Co.Cost of Goods SoldInventoryNo entry requiredInventory	Inventory	Inventory