Question
The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,120 purchase with cash.
The following transactions were selected from the records of Evergreen Company: |
July 12 | Sold merchandise to Wally Butler, who paid the $1,120 purchase with cash. The goods cost Evergreen Company $660. |
15 | Sold merchandise to Claudios Chair Company at a selling price of $5,120 on terms 3/10, n/30. The goods cost Evergreen Company $3,560. |
20 | Sold merchandise to Ottos Ottomans at a selling price of $3,060 on terms 3/10, n/30. The goods cost Evergreen Company $1,960. |
23 | Collected payment from Claudios Chair Company from the July 15 sale. |
Aug. 25 | Collected payment from Ottos Ottomans from the July 20 sale. |
Required: |
Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended August 31. (Round your answer to 2 decimal places.) |
Net sales = |
2: Create a journal entry as well for each
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