Solved: Saddlebag co sold merchandise to bioscan co on account, Accounting Basics

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Saddlebag co sold merchandise to bioscan co on account

1. Saddlebag Co. sold merchandise to Bioscan Co. on account, $17,500, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $10,000. Saddlebag Co. paid freight of $600 and later received the amount due within the discount period. Journalize Saddlebag Co.'s and Bioscan Co.'s entries for the payment of the amount due.

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Accounting Basics: Saddlebag co sold merchandise to bioscan co on account

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