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

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.

Instructions On March 1, Sather Co. sold merchandise to Boone Co. on account, $29,800, terms 2/15, n/30. The cost of the merc

Instructions Chart of Accounts-Sather Co. General Ledger On March 1, Sather Co. sold merchandise to Boone Co. on account, $29

Chart of Accounts-Sather Co. CHART OF ACCOUNTS Sather Co. General Ledger REVENUE 410 Sales 610 Rent Revenue ASSETS 110 Cash 1

Journalize the entries for Sather Co. for the sale on March 1 and payment of the amount due on March 14. Refer to the appropr Journalize the entries for Boone Co. for the purchase on March 1 and payment of the amount due on March 14. Refer to the appr

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 ago

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