eBook Show Me How Calculator Transactions for buyer and seller Chart of Accounts

Question

eBook Show Me How Calculator Transactions for buyer and seller Chart of Accounts-Sather Co. Chart of Accounts-Boone Co. Instructions On March 1, Sather Co sold merchandise to Boone Co on account, $33,800, terms 2/15, n/30. The cost of the merchandise sold is $18,000. 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 wordling of account tites

Explanation / Answer

Journal Entry Date Account Titles Debit Credit $ $ Mar-01 Accounts receivable 33,800 Sales 33,800 To record sale on account Cost of goods sold 18,000 Inventory 18,000 To record related cost of goods sold Mar-14 Cash 33,124 Sales discount ($33800*2%) 676 Accounts receivable 33,800 To record collection of account receivable and sales discount

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