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I need help please ACC 301 01 Intermediate Accoun COUNTING 301 01 Int Acc Chapter 07 Homework Question 15 (of 15) 15 10.00 points Evergreen
I need help please ACC 301 01 Intermediate Accoun COUNTING 301 01 Int Acc Chapter 07 Homework Question 15 (of 15) 15 10.00 points Evergreen company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. 2016, the following transactions related to receivables Feb. 28 sold merchandise to Lennox, Inc. for $18,000 and accepted a 8%. T-month note. 8% is an Mar. 31 appropriate rate for this type of note. accepted a noninterest-bearing note with a discount rate to Co. and of 8%. The $13,000 payment is due on March 31, 2017 Apr. 3 Sold merchandise to Carr Co. for $11,000 with terms 310. n/30. Evergreen uses the gross method to account for cash discounts. 11 Collected the entire amount Carr Co. 17 A customer returned merchandise costing $4.900. Evergreen reduced the customer's receivable the sales prie of the merchandise. Sales retums are recorded company as they occur. 30 Transferred receivables factor without recourse. The factor charged Evergreen finance charge on the receivables transferred. The criteria are met. June 30 Discounted the Lennox, Inc, note at the bank. The bank's discount rate is 10%. The note was iscounted without recourse. 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 sold. no entry is required intermediate select cost of goods account field. Do not calculations. "No entry in the first Round your final answers to the nearest whole dollar) view transaction list view general journal Journal Entry worksheet
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