Question
In: Accounting
On March 1, Sather Co. sold merchandise to Boone Co. on account, $29,800, terms 2/15, n/30. The cost of the merchandise sold is $18,300.
Instructions
On March 1, Sather Co. sold merchandise to Boone Co. on account, $29,800, terms 2/15, n/30. The cost of the merchandise sold is $18,300.
The merchandise was paid for on March 14. Assume all discounts are taken.
Required:
Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company's Chart of Accounts for exact wording of account titles.
Solutions
Expert Solution
| Journal entries in books of Sather co. | |||||
| Date | Account titles and explanation | Debit(in $) | Credit(in $) | ||
| Mar-01 | Accounts Receivable | 29,800 | |||
| Sales | 29,800 | ||||
| Cost of goods sold | 18,300 | ||||
| Merchandise inventory | 18,300 | ||||
| Mar-14 | Cash | 29,204 | |||
| Sales Discounts($29,800*2%) | 596 | ||||
| Accounts Receivable | 29,800 | ||||
| Journal entries in books of Boone co. | |||||
| Mar-01 | Merchandise Inventory | 29,800 | |||
| Accounts Payable | 29,800 | ||||
| Accounts Payable | 29,800 | ||||
| Cash | 29,204 | ||||
| Merchandise inventory | 596 | ||||
ekkarill92 answered 2 years agoRelated Solutions
On March 1, Sather Co. sold merchandise to Boone Co. on account, $28,200, terms 2/15, n/30....
On March 1, Sather Co. sold merchandise to Boone Co. on account,
$28,200, terms 2/15, n/30. The cost of the merchandise sold is
$17,500. The merchandise was paid for on March 14. Assume all
discounts are taken. Required: Journalize the entries for Sather
Co. and Boone Co. for the sale, purchase, and payment of amount
due. Refer to the appropriate company’s Chart of Accounts for exact
wording of account titles.
On March 1, Sather Co. sold merchandise to Boone Co. on account, $29,800, terms 2/15, n/30....
On March 1, Sather Co. sold merchandise to Boone Co. on account, $29,800, terms 2/15, n/30. The cost of the merchandise sold is $18,300. The merchandise was paid for on March 14.
Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles.
Chart of Accounts-Sather Co.
CHART OF ACCOUNTS
Sather Co.
General Ledger
ASSETS
110
Cash
121...
Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30.
PE 6-5A Transactions for buyer and sellerSather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the merchandise sold is $19,000. Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Assume all discounts are taken. PE 6-5B Transactions for buyer and seller Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $67,200....
Sievert Co. sold merchandise to Chang Co. on account, $6,200, terms 2/15, n/30. The cost of...
Sievert Co. sold merchandise to Chang Co. on account, $6,200,
terms 2/15, n/30. The cost of merchandise sold is $3,720. Assume
all discounts are taken.
Journalize Sievert Co.'s entries for (a) the sale on account and
(b) the collection of the amount due.
(a)
(b)
Journalize Chang Co.'s entries for (a) the purchase of
merchandise on account and (b) the payment of the amount due.
(a)
(b)
Determine the amount to be paid in full settlement of each of
two...
Sampson Co. sold merchandise to Batson Co. on account, $26,800, terms 2/15, net 45. The cost...
Sampson Co. sold merchandise to Batson Co. on account, $26,800,
terms 2/15, net 45. The cost of the goods sold is $20,100. The
Batson Co. paid the invoice within the discount period. Assume both
Sampson and Batson use a perpetual inventory system.
Prepare the entries that Sampson Company would record for the
information above.
a. Accounts Receivable-Batson Co.:
Sales:
b. Cost of Goods Sold: 20,100
Inventory: 20,100
c. Cash:
Accounts Receivable-Batson Co.:
Prepare the entries that Batson Company would record...
On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30.
Instructions On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo on March 5 for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice on March 29. The cost of the merchandise returned is $17,500. Journalize Showcase Co.'s entries for (a) the sale, including the cost of the merchandise sold, (b) the credit memo, including the cost...
Sales-related transactions Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30....
Sales-related transactions Sayers Co. sold merchandise on
account to a customer for $80,000 terms 2/10, n/30. The cost of the
goods sold was $58,000.a. Journalize Sayers’
entries to record the sale, Journalize
the receipt of payment within the discount period, Journalize the
entry to record the receipt of payment beyond the discount period
of ten days.
Show me step by step how to calculate.
Sales-related transactions Sayers Co. sold merchandise on account to a customer for $84,000 terms 2/10, n/30....
Sales-related transactions
Sayers Co. sold merchandise on account to a customer for $84,000
terms 2/10, n/30. The cost of the goods sold was $62,000.
a. Journalize Sayers’ entries to record the
sale.
b. Journalize the receipt of payment within the
discount period.
c. Journalize the entry to record the receipt
of payment beyond the discount period of ten days.
Purchased merchandise on account from Black Wholesale Supply for $8,000, terms 1/10, n/30. 2 Sold merchandise...
Purchased merchandise on account from Black Wholesale Supply
for $8,000, terms 1/10, n/30.
2
Sold merchandise on account for $4,800, terms 2/10, n/30. The
cost of the merchandise sold was $3,600.
5
Received credit from Black Wholesale Supply for merchandise
returned $500.
9
Received collections in full, less discounts, from customers
billed on May 2.
10
Paid Black Wholesale Supply in full, less discount.
11
Purchased supplies for cash $1,170.
12
Purchased merchandise for cash $4,030.
15
Received $299 refund...
On March 2, Larkspur Company sold $901,300 of merchandise to Crane Company on account, terms 3/10, 1/30
Prepare the journal entries to record the following transactions on Crane Company's books using a perpetual inventory system. Of no entry is required, select 'N Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Larkspur Company sold $901,300 of merchandise to Crane Company on account, terms 3/10, 1/30. The cost of the...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Explain at least three reasons why there are so many divisions / denominations in the Christian...
- COSC 1436 Programming Assignment : Skill Practice Assignment 3 Your skill practice assignment this week will...
- Waste elimination and process improvement can be applied to virtually any process. Identify a process at...
- Do you think the FASB should continue to require the Statement of Cash Flows or are...
- Here is your chance to analyze an actual co-worker conflict situation and make suggestions on how...
- McKinsey Machines Ltd manufactures a single product A. It has two cost centers namely molding department...
- Threads: Assume a multithreaded application using user level threads mapped to a single kernel level thread...
ADVERTISEMENT