The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,400 purchase with cash. The goods cost Evergreen Company $840. July 15 July 16 Sold merchandise to Claudio's Chair Company at a selling price of $5,308 on terms 3/10, n/30. The goods cost Evergreen Company $3,710. Sold merchandise to Otto's Ottomans at a selling price of $3,150 on terms 3/10, n/30. The goods cost Evergreen Company $1,980. July 23 Received cash from Claudio's Chair Company for the amount due from July 15. July 31 Received cash from Otto's Ottomans for the amount due from July 16. Required: Prepare journal entries to record the transactions, assuming Evergreen Company records discounts using the net method in a perpetual inventory system. Forfeited discounts are recorded as Other Revenue. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar amount.)

The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,400 purchase with cash. The goods cost Evergreen Company $840. July 15 July 16 Sold merchandise to Claudio's Chair Company at a selling price of $5,308 on terms 3/10, n/30. The goods cost Evergreen Company $3,710. Sold merchandise to Otto's Ottomans at a selling price of $3,150 on terms 3/10, n/30. The goods cost Evergreen Company $1,980. July 23 Received cash from Claudio's Chair Company for the amount due from July 15. July 31 Received cash from Otto's Ottomans for the amount due from July 16. Required: Prepare journal entries to record the transactions, assuming Evergreen Company records discounts using the net method in a perpetual inventory system. Forfeited discounts are recorded as Other Revenue. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar amount.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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