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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The following transactions were selected from among those completed by Bear's Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $2,200 sales price in cash. The goods cost Bear's $1,200. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $7,600 (total); terms 3/10, n/30. The goods cost Bear's $4,300. November 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $8,000 (total); terms 3/10, n/30. The goods cost Bear's $4,900. November 29 Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. December 6 Nancy's Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Prepare journal entries to record the transactions, assuming Bear's Retail Store records discounts using the gross method in a perpetual inventory…
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