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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.

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Expert Solution

Date Account Debit Credit
Sather Co.
March 1 Accounts Receivables $28,200
Sales revenue $28,200
March 14 Cash 27636
Discount (28200*2%) 564
Accounts Receivables $28,200
Boone Co.
March 1 Merchandise Inventory $28,200
Accounts Payable $28,200
March 14 Accounts Payable $28,200
Discount (28200*2%) 564
Cash 27636

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