C If The Physical Count Of IrNew tab Q Homework chapters

C If The Physical Count Of IrNew tab | Q Homework, chapters | + take signmentMain.do?invoker-assignments&takeAssi; ignmentSsessionLocator-assignment takeeaingrogress t Calculator Transactions for buyer and seller nstructions Chart of Accounts-Sather Co. Chart of Accounts-Boone Co. Journal-Sather Co. Instructions On March 1, Sather Co. sold merchandise to Boone Co. on account, $28,200, terms 2/15, n/30 The cest ot the merchandise sold is $17,500 The merchandise was pald for on March 14 Assume al discounts are taken Journalize the entres for Sather Co. and Bcone Co for the saie, purchase, and payment of amount due. Refer to the appropriate company\'s Chart of Accounts for erac wording of account hiies. PrewousS

Solution

Date Title Debit Credit Mar-01 Accounts receivable - Boon co $ 28,200 Sales $ 28,200 Cost of merchandise sold $ 17,500 Merchandise inventory $ 17,500 Mar-14 Cash ($28,200*98%) $ 27,636 Cost of merchandise sold $        564 Accounts receivable - Boon co $ 28,200