On March 1, sather co. Sold merchandise to Boone Co. on account for $30,100 term

Question

On March 1, sather co. Sold merchandise to Boone Co. on account for $30,100 terms 2/15 n/30 the cost of the merchandise sold is $19,600. The merchandise was paid for on March 14. Assume all discounts are taken. Journal-Sather Co Shaded cells have feedback Instructions On March 1, Sather Co. sold merchandise to Boone Co. on account, $30, 100, terms 2/15, n/30. The cost of the merchandise sold is $19,600. The merchandise was paid for on March 14. Assume all discounts are taken 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

Explanation / Answer

Journal entries in the books of Sather Co Date Accounts title and explanations Debit $ Credit $ 1-Mar Accounts receivable Account Dr. 30100     Ssales revenue 30100 1-Mar Cost of goods sold Account Dr. 19600      Inventory Account 19600 14-Mar Cash account Dr. 29498 Sales discount Account Dr. (30100*2%) 602      Accounts receivable 30100 Journal entries in the books of Boone Co Date Accounts title and explanations Debit $ Credit $ 1-Mar Merchandise inventory Account Dr. 30100      Accounts payable 30100 14-Mar Accounts payable Account Dr. 30100     Cash account 29498     Merchandise inventory (30100*2%) 602

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.