The following transactions were selected from the records of Evergreen Company:
July 12 Sold merchandise to Wally Butler, who paid the $1,100 purchase with cash. The goods cost Evergreen Company $737.
15 : Sold merchandise to Claudio’s Chair Company at a selling price of $5,200 on terms 3/10, n/30. The goods cost Evergreen Company $3,484.
20: Sold merchandise to Otto’s Ottomans at a selling price of $3,900 on terms 3/10, n/30. The goods cost Evergreen Company $2,613.
23: Collected payment from Claudio’s Chair Company from the July 15 sale.
Aug 25: Collected payment from Otto’s Ottomans from the July 20 sale.
Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended August 31. (Round your answer to the nearest dollar amount. Omit the “$” sign in your response.)
Net Sales =
The following information was available to the accountant of Horton Company when preparing the monthly bank reconiliation:
The amount of Cash that should appear on the balance sheet following the reconciliation and the adjustment of the accounting records is:
A company sells goods at a selling price of $20,000. The cost of the goods is $15,000 under a perepetual inventory system , the journal entries to record the sales will include:
When a customer returns a defective product for credit, the sellere would record the transaction using which of the following accounts?
b)Sales returns and allowances
d)Purchase returns and allowances
When preparing this monthâs reconciliation, you find that you failed to record a $95 deposit for a payment you received from a customer. You prepare a journal entry to record the deposit. Which of the following describe the actions to be taken when preparing next monthâs bank reconciliation?
a)increase the balance per books by $95