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The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Rami, who charged the $1,900 purchase on his Visa
The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Rami, who charged the $1,900 purchase on his Visa credit card. Visa charges Evergreen a 2 percent credit card fee. 15 Sold merchandise to Steven at an invoice price of $6,900; terms 2/10,n/30. 20 Sold merchandise to Tania at an invoice price of $2,900; terms 2/10,n/45. 23 Collected payment from Steven from July 15 sale. Aug. 25 Collected payment from Tania from July 20 sale. Required: 1. Prepare the journal entries to record the five transactions. Ignore the cost of sales. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Compute net sales for the two months ended August 31. The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Rami, who charged the $1,900 purchase on his Visa credit card. Visa charges Evergreen a 2 percent credit card fee. 15 Sold merchandise to Steven at an invoice price of $6,900; terms 2/10,n/30. 20 Sold merchandise to Tania at an invoice price of $2,900; terms 2/10,n/45. 23 Collected payment from Steven from July 15 sale. Aug. 25 Collected payment from Tania from July 20 sale. Required: 1. Prepare the journal entries to record the five transactions. Ignore the cost of sales. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Compute net sales for the two months ended August 31
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