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The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,800 purchase with cash. The goods cost Evergreen Company $1,000. July 15 Sold merchandise to Claudio's Chair Company at a selling price of $6,600 on terms 3/10, n/30. The goods cost Evergreen Company $4,300. July 16 Sold merchandise to Otto's Ottomans at a selling price of $3,800 on terms 3/10, n/30. The goods cost Evergreen Company $2,300. 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 gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,800 purchase with cash. The goods cost Evergreen Company $1,000. July 15 Sold merchandise to Claudio's Chair Company at a selling price of $6,600 on terms 3/10, n/30. The goods cost Evergreen Company $4,300. July 16 Sold merchandise to Otto's Ottomans at a selling price of $3,800 on terms 3/10, n/30. The goods cost Evergreen Company $2,300. 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 gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

FINANCIAL ACCOUNTING
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 the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,800 purchase with cash. The goods cost Evergreen Company $1,000. July 15 Sold merchandise to Claudio's Chair Company at a selling price of $6,600 on terms 3/10, n/30. The goods cost Evergreen Company $4,300. July 16 Sold merchandise to Otto's Ottomans at a selling price of $3,800 on terms 3/10, n/30. The goods cost Evergreen Company $2,300. 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 gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 2 3 4 Note: Enter debits before credits. 5 6 7 Record the receipt of cash due from Otto's Ottomans for the sale made on July 16.
Transcribed Image Text:The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,800 purchase with cash. The goods cost Evergreen Company $1,000. July 15 Sold merchandise to Claudio's Chair Company at a selling price of $6,600 on terms 3/10, n/30. The goods cost Evergreen Company $4,300. July 16 Sold merchandise to Otto's Ottomans at a selling price of $3,800 on terms 3/10, n/30. The goods cost Evergreen Company $2,300. 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 gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 2 3 4 Note: Enter debits before credits. 5 6 7 Record the receipt of cash due from Otto's Ottomans for the sale made on July 16.
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