The following transactions were selected from the records of Evergreen Company: ...
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Accounting
The following transactions were selected from the records of Evergreen Company:
July 12
Sold merchandise to Wally Butler, who paid the $2,700 purchase with cash. The goods cost Evergreen Company $1,450.
July 15
Sold merchandise to Claudios Chair Company at a selling price of $8,400 on terms 3/10, n/30. The goods cost Evergreen Company $5,200.
July 16
Sold merchandise to Ottos Ottomans at a selling price of $4,700 on terms 3/10, n/30. The goods cost Evergreen Company $2,750.
July 23
Received cash from Claudios Chair Company for the amount due from July 15.
July 31
Received cash from Ottos Ottomans for the amount due from July 16.
Required:
Prepare journal entries to record the transactions, assuming Evergreen Company records discounts using the gross method in a perpetual inventory system.
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