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com Help Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2018, the following transactions related to

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com Help Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2018, the following transactions related to receivables occurred Peb- 28 Sold merchandise to Lennox, Ine. for $12,000 and accepted a 8s, 7-month note. ot is an oppropriate rate for this Mar. 31 Sold merchandise to Maddox Co. and accepted a noninterest-bearing note type of note. payment is due on March 31, 2019. cash vith a discount rate of a. The $8,300 300 with terms 3/10, n/30. Evergreen uses the gross nethod to account for Apr. 3 Sold merchandise to Carr Co. for $7, 11 Collected the entire amount due from Carr Co 17 A customer returned merchandise costing $3,500. Evergreen reduced the customer's receivable balance by $5,300, the sales price of the merchandise. Sales returns are recorded by the company as they occur charge on the receivables transferred. The sale criteria are met. recourse 30 Transferred receivables of $53,000 to a factor without recourse. The factor charged Evergreen a 2% finance June 30 Discounted the Lennox, Inc., note at the bank. The bank's discount rate is 10. The note vas discounted without Sep. 30 Lennox, Inc., paid the note amount plus interest to the bank. Required: . Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise ignore the entry for the cost of goods sold. 2. Prepare any necessary adjusting entries at December 31, 2018. Adjusting entries are only 3. Prepare a schedule showing the effect of the journal entries on 2018 income before taxes Complete this question by entering your answers in the tabs below 1 Required 2 Required3 Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions in ignore the entry for the cost of goods sold. (If no entry is required for a transaction/event, select 'No journal entry required in t account field. Do not round inte the sale of late calculations. Round your final answers to the nearest whole dollar

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