Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45. The cost of the.

Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45. The cost of the merchandise sold is $38,500. Sampson Co. issued a credit memo for $1,500 for merchandise returned that originally cost $950. The Batson Co. paid the invoice within the discount period. Prepare the entries that both Sampson and Batson Companies would record for the above.View Solution:
Sampson Co sold merchandise to Batson Co on account 46 000

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