Question
In: Accounting
The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to...
The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,060 purchase with cash. The goods cost Evergreen Company $630. 15 Sold merchandise to Claudio’s Chair Company at a selling price of $5,060 on terms 3/10, n/30. The goods cost Evergreen Company $3,530. 20 Sold merchandise to Otto’s Ottomans at a selling price of $3,030 on terms 3/10, n/30. The goods cost Evergreen Company $1,930. 23 Received cash from Claudio’s Chair Company for the amount due from Jul-15. 31 Received cash from Otto’s Ottomans for the amount due from July Jul-20. Required: Compute the amount of revenue to be reported for the month ended July 31.
Solutions
Expert Solution
Sales discount on July 15 sales = 5,060 x 3/100
= $151.8
Sales discount on July 20 sales = 3,030 x 3/100
= $90.9
| Cash sales | 1,060 |
| Credit sales (5,060 + 3,030) | 8,090 |
| Less: Sales discount (151.8 + 90.9) | - 242.7 |
| Net sales revenue | $8,907.3 |
amount of revenue to be reported for the month ended July 31 = $8,907.3
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