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need help with all three requirements Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31 . During 2024,
need help with all three requirements
Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31 . During 2024, the following transactions related to receivables occurred: February 28 Sold merchandise to tennox, Ibcorporated, for $40,000 and accepted a 68 , 7 -month note. 68 is an apprapriate rate for this type of note. March 31 Sold merchandise to Maddox Company that had a fair value of \$2:, 200, and accepted a noninterest-bearing note for which $30,000 payment is due on March 31,2025 . Agril 3 . Sold merchandise to Carr Company for $15,600 with terss. 2/10, 1/30. tvergreen uses the gross method to account for cash discounts. April 11 Collected the entire ancunt due from Carr Coepary Apri1 17 A customer returned nerchandise costing \$4, 400. Iverereen reduced the custoser's receivable balance by $6,200, the sales price of the merchandise. Sales returns are recorded by the company as they oceur. Apeil 30 Transferred receivables of $62,000 to a factor without recourse. The factor charged t verareen a 28,f inance charge on the receivabies trensferred. The sale criteria are net. June 30 Discounted the Lennos, Incorporated, note at the bank. The bank's discount rate is ss. The note was discounted without recourse. Septenber 30 Lennox, Incorporated, paid the note anount plos interest to the bank. Required: 1. 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, 2024. Adjusting entries are only recorded at year-end. 3. Prepare a schedule showing the effect of the journat entries on 2024 income before taxes. Complete this question by entering your answers in the tabs below Step by Step Solution
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