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Sampson Co. sold merchandise to Batson Co. on account, $30,200, terms 2/15, net 45.
The cost of the goods sold is $22,650.The Batson Co. paid the invoice within the discount period.Assume both Sampson and Batson use a perpetual inventory system.
If no entry is required, select "No entry required" and leave the amount boxes blank.
Problem 1: Prepare the entries that Sampson Company would record for the information above. If an amount box does not require an entry, leave it blank.
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The 2018 New Zealand Conceptual Framework states, Discuss statement in relation to inventory items that are in transit between the buyer and seller.
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