Question
The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,500 purchase with
The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,500 purchase with cash. The goods cost Evergreen Company $850, July 15 Bold merchandise to Claudio's Chair Company at a selling price of $6,000 on terms 3/10, n/30. The goods east Evergreen Company $4,000. July 16 Sold merchandise to Otto's Ottomans at a selling price of $3,500 on terme 3/10, n/30. The goods cost Evergreen Company $2,150. Received cash from Claudio's Chair Company for the amount don fron July 15. July 31 Received cash from Otto's Ottomans for the amount due from July 16. July 23 Required: Prepare journal entries to record the transactions, assuming Evergreen Company records discounts using the gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 7 8 Record the receipt of cash due from Otto's Ottomans for the sale made on July 16. Note: Enter debits before credits. Date. July 31 General Journal Debit Credit Cash Accounts Receivable. Record entry Clear entry View general journal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started