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1 10 point Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year end is December I During 2021, the following transactions
1 10 point Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year end is December I During 2021, the following transactions related to receivables occurred: Feb. 28 seld merchandise to Lennox, Inc., for $15,000 and accepted., -month noto. Bieropriate rate for the type of note. Nr. 31 Sold merchandise to Maddox Co. that had fair value of $11,6, and accepted interesting to th $13, payment is due on March 31, 2022 Apr.3 Sold merchandise to Carr Co. for $11,000 with terms 10. 30. Evergreen set the gross wethod to count for cash discounts: 11 Collected the entire amount due from Care Co. 17 A customer returned merchandise costing $4,100. Evergreen reduced the customers receivable balance by $87, the sales price of the merchandise. Sales returns are recorded by the company as they occur 30 Transferred receivables of $67,000 to a factor without recourse the factor charged Evergrefinance charge the receivables transferred. The sale criteria are met June Discounted the Lennox, Inc., nete at the bank. The bank's discount rate is 103. The note was die without recourse Sep.30 Lennox, Inc., paid the note mount plus interest to the bank Pune References Required: 1. Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of meichandise 2. Prepare any necessary adjusting entries at December 31, 2021. Adjusting entries are only recorded at year-end. 3. Prepare a schedule showing the effect of the journal entries on 2021 income before taxes. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare any necessary adjusting entries at December 31, 2021. Adjusting entries are only recorded at year-end. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.)
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