Sam Shade purchased 240 lamshades at $10 each with terms of 3/15, n/30 from Lois Lamps on November 1. Â These lampshades had a cost of $5 each to Lois Lamps. Â On Novemeber 5, Sam Shade returned 20 lampshades. Â On November 15, Same Shade paid the balance owed less the return and discount.
a)Â Prepare all required entries for Sam Shade (buyer).
| Date | Description | Debit | Credit |
|---|---|---|---|
| 1-Nov | |||
| 1-Nov | |||
| 5-Nov | |||
| 5-Nov | |||
| 15-Nov | |||
| 15-Nov | |||
| 15-Nov |
b) Prepare all required entries for Lois Lamp (seller).
| Date | Description | Debit | Credit |
|---|---|---|---|
| 1-Nov | |||
| 1-Nov | |||
| 5-Nov | |||
| 5-Nov | |||
| 15-Nov | |||
| 15-Nov | |||
| 15-Nov |