Question

The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Rami, who charged the $ 1,000 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 $ 6,000; terms 2/ 10, n/ 30. 20 Sold merchandise to Tania at an invoice price of $ 2,000; terms 2/ 10, n/ 30. 23 Collected payment from Steven from July 15 sale. Aug. 25 Collected payment from Tania from July 20 sale.
Required:
1. Assuming that sales discounts are treated as contra revenues, compute net sales for the two months ended August 31.
2. Prepare the journal entries to record the transactions that occurred on July 12, 15, and 23.


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  • CreatedAugust 04, 2015
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