E6 26 (Static) (Supplement 6A) Recording Journal Entries for Net Sales with Credit Sales and Sales Discounts (Net Method) LO 6 S1 The following transactions were selected from the records of Evergreen Company July 12 Sold merchandise to Wally Butler, who paid the $1,000 purchase with cash The goods cost Evergreen Company $600 July 15 Sold merchandise to Claudios Chair Company at a selling price of $5,000 on terms 3 10, n 30 The goods cost Evergreen Company $3,500 July 16 Sold merchandise to Ottos Ottomans at a selling price of $3,000 on terms 3 10, n 30 The goods cost Evergreen Company $1,900 July 23 Received cash from Claudios Chair Company for the amount due from July 15 July 31 Received cash from Ottos 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 )

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E6-26 (Static) (Supplement 6A) Recording Journal Entries for Net Sales with Credit Sales and Sales Discounts (Net Method) [LO 6-S1] The following transactions were selected

E6-26 (Static) (Supplement 6A) Recording Journal Entries for Net Sales with Credit Sales and Sales Discounts (Net Method) [LO 6-S1]

The following transactions were selected from the records of Evergreen Company:

July 12	Sold merchandise to Wally Butler, who paid the $1,000 purchase with cash. The goods cost Evergreen Company $600.
July 15	Sold merchandise to Claudios Chair Company at a selling price of $5,000 on terms 3/10, n/30. The goods cost Evergreen Company $3,500.
July 16	Sold merchandise to Ottos Ottomans at a selling price of $3,000 on terms 3/10, n/30. The goods cost Evergreen Company $1,900.
July 23	Received cash from Claudios Chair Company for the amount due from July 15.
July 31	Received cash from Ottos 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.)