Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45. The cost of the merchandise sold is $38,500. Batson Co. paid the invoice within the discount period. Prepare the entries that both Sampson and Batson would record for the above. Assume both Sampson and Batson use a perpetual inventory system.

Question

Quizplus · Accepted Answer

The Answer of Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45. The cost of the merchandise sold is $38,500. Batson Co. paid the invoice within the discount period. Prepare the entries that both Sampson and Batson would record for the above. Assume both Sampson and Batson use a perpetual inventory system.