Sampson Co. sold merchandise to Batson Co. on account, $31,300, terms 2/15, net 45 on December 26. The cost of the goods sold is $23,475. 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 410 Sales 110 Cash 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 140 Supplies 522 Advertising Expense 523 Depreciation Expense 142 Prepaid Insurance 180 Land 526 Salaries Expense 190 Equipment 531 Rent Expense 191 Accumulated Depreciation 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense LIABILITIES 560 Miscellaneous Expense 710 Interest Expense 211 Accounts Payable-Foltz Supplies 212 Accounts Payable-Batson 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 CHART OF ACCOUNTS Batson Co. General Ledger REVENUE ASSETS 110 Cash 410 Sales 122 Accounts Receivable-Sampson Co. 123 Accounts Receivable-Myers Ltd. EXPENSES 130 Inventory 510 Cost of Goods Sold 131 Estimated Returns Inventory 521 Delivery Expense 140 Supplies 522 Advertising Expense 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 LIABILITIES 536 Oredit Card Expense 560 Miscellaneous Expense 211 Accounts Payable-Lakefront Supplies 213 Accounts Payable-Sampson Co. 710 Interest Expense 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 DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 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 LABILITIES EQUITY 1 2 3 4