ezto.mheducation.com/hm.tpx July 12 Sold merchandise to Wally Butler, who paid t

Question

ezto.mheducation.com/hm.tpx July 12 Sold merchandise to Wally Butler, who paid the $1,000 purchase with cash. The goods cost Evergreen Company $600 15 Sold merchandise to Claudio's Chair Company at a selling price of $5,000 on terms 3/10, n/30 The goods cost Evergreen Company $3,500 20 Sold merchandise to Otto's Ottomans at a selling price of $3,000 on terms 3/10, n/30. The goods cost Evergreen Company $1,900. 23 Collected payment from Claudio's Chair Company from the July 15 sale Aug. 25 Collected payment from Otto's Ottomans from the July 20 sale. Required Prepare journal entries to record the transactions, assuming Evergreen Company uses a perpetual inventory system. (If no entry is required for a transaction/event, select in the first account field.) View transaction list 0 Journal entry worksheet Record the cash sales of $1,000 to Wally Butler. Note: Enter debits before credits. General Journal Debit July 12 O Type here to search 13

Explanation / Answer

Date Accounts Titles and Explanation Debit Credit 12-Jul Cash $    1,000 Sales Revenue $    1,000 12-Jul Cost of Goods Sold $        600 Inventory $        600 15-Jul Accounts Receivable $    5,000 Sales Revenue $    5,000 15-Jul Cost of Goods Sold $    3,500 Inventory $    3,500 20-Jul Accounts Receivable $    3,000 Sales Revenue $    3,000 20-Jul Cost of Goods Sold $    1,900 Inventory $    1,900 23-Jul Cash $    4,850 Discount on Sales $        150 Accounts Receivable $    5,000 25-Aug Cash $    3,000 Accounts Receivable $    3,000 Case-A Case-B Case-C Sales Revenue(a) $8,000 $6,000 6195 (c+b) Sales Return(b) 150 $500 (c-a) 275 Net Sales(c=a-b) $7,850 (a-b) 5500 (d+e) 5920 COGS (d) 5750 4050 5400 Gross Profit(e=c-d) $2,100 (c-d) 1450 520 (c-d)

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