The journal entries of these transactions for Sampson Co. using the perpetual inventory method are as follows:
Dec. 1: Debit Accounts Receivable (Batson Co.) $46,000
Credit Sales Revenue $46,000
Terms 2/15, net 45.
Debit Cost of Goods Sold $38,500
Credit Inventory $38,500
Dec. 6: Debit Cash $45,080
Debit Cash Discounts $920
Credit Accounts Receivable (Batson Co.) $46,000
Dec. 1: Accounts Receivable (Batson Co.) $46,000
Sales Revenue $46,000
Terms 2/15, net 45.
Cost of Goods Sold $38,500
Inventory $38,500
Dec. 6: Cash $45,080
Cash Discounts $920
Accounts Receivable (Batson Co.) $46,000
Dec. 1 Sampson Co. sold merchandise to Batson Co. on account, of $46,000, terms 2/15, net 45.
The cost of the merchandise sold is $38,500.
Dec. 6 The Batson Co. paid the invoice within the discount period.
Sampson Co. uses the perpetual inventory method.
Learn more about journalizing business transactions at https://brainly.com/question/17201601
#SPJ1
