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
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$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
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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
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