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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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
Sold merchandise to Claudio's Chair Company at a selling price of $5,300 on terms 3/10, n/30. The goods cost
Evergreen Company $3,710.
July 16
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.)
View transaction list
Journal entry worksheet
Record the receipt of cash due from Claudio's Chair Company for the sale.
made on July 15.
Note: Enter debits before credits.
Date
July 23
General Journal
Cash
Sales Discounts
Accounts Receivable
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe3e0e62f-db19-4b1b-a31b-efdec33e3cc1%2F97eb6573-b286-48f0-98ea-27c6efbd1e5c%2F415nhru_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
Sold merchandise to Claudio's Chair Company at a selling price of $5,300 on terms 3/10, n/30. The goods cost
Evergreen Company $3,710.
July 16
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.)
View transaction list
Journal entry worksheet
Record the receipt of cash due from Claudio's Chair Company for the sale.
made on July 15.
Note: Enter debits before credits.
Date
July 23
General Journal
Cash
Sales Discounts
Accounts Receivable
Debit
Credit
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