Sam Shade purchased 290 lamshades at $10 each with terms of 2/15, n/30 from Lois Lamps on November 1.  These lampshades had a cost of $5 each to Lois Lamps.  On Novemeber 5, Sam Shade returned 15 lampshades and received credit of $10 each from Lois Lamps. Lois Lamps will return these shades into their inventory at their original cost of $5 each. 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 |