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
ekkarill92 answered 2 years agoRelated Solutions
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 $1,140
purchase with cash. The goods cost Evergreen Company $670.
16 Sold merchandise to Claudio’s Chair Company at a selling
price of $5,140 on terms 3/10, n/30. The goods cost Evergreen
Company $3,570.
19 Sold merchandise to Otto’s Ottomans at a selling price of
$3,070 on terms 3/10, n/30. The goods cost Evergreen Company
$1,970.
23 Received cash from...
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 for 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...
The following transactions were selected from the records ofEvergreen Company:July12Sold merchandise to...
The following transactions were selected from the records of
Evergreen Company:July12Sold merchandise to Wally Butler, who paid the $1,000 purchase
with cash. The goods cost Evergreen Company $600.15Sold merchandise to Claudio’s Chair Company at a selling price
of $5,000 on terms 3/10, n/30. The goods cost Evergreen Company
$3,500.16Sold merchandise to Otto’s Ottomans at a selling price of
$3,000 on terms 3/10, n/30. The goods cost Evergreen Company
$1,900.23Received cash from Claudio’s Chair Company for the amount due
from July...
The following selected transactions were taken from the records of Shipway Company for the first year...
The following selected transactions were taken from the records
of Shipway Company for the first year of its operations ending
December 31:
Apr. 13.
Wrote off account of Dean Sheppard, $4,040.
May 15.
Received $2,020 as partial payment on the $5,370 account of Dan
Pyle. Wrote off the remaining balance as uncollectible.
July 27.
Received $4,040 from Dean Sheppard,
whose account had been written off on April 13. Reinstated the
account and recorded the cash receipt.
Dec. 31.
Wrote off...
The following selected transactions were taken from the records of Shipway Company for the first year...
The following selected transactions were taken from the records
of Shipway Company for the first year of its operations ending
December 31:
Apr.
13.
Wrote off account of Dean Sheppard, $8,030.
May
15.
Received $500 as partial payment on the $7,430 account of Dan
Pyle. Wrote off the remaining balance as uncollectible.
July
27.
Received $8,030 from Dean Sheppard, whose account had been
written off on April 13. Reinstated the account and recorded the
cash receipt.
Dec.
31.
Wrote off...
The following selected transactions were taken from the records of Shipway Company for the first year...
The following selected transactions were taken from the
records of Shipway Company for the first year of its operations
ending December 31:
Apr. 13. Wrote off account of Dean Sheppard, $8,450.
May 15. Received $500 as partial payment on the $7,100 account
of Dan Pyle. Wrote off the remaining balance as
uncollectible.
July 27. Received $8,450 from Dean Sheppard, whose account had
been written off on April 13. Reinstated the account and recorded
the cash receipt.
Dec. 31. Wrote off...
The following selected transactions were taken from the records of Shipway Company for the first year...
The following selected transactions were taken from the records
of Shipway Company for the first year of its operations ending
December 31:
Apr. 13
Wrote off account of Dean Sheppard, $5,190.
May 15
Received $2,600 as partial payment on the $6,900 account of Dan
Pyle. Wrote off the remaining balance as uncollectible.
July 27
Received $5,190 from Dean Sheppard, whose account had been
written off on April 13. Reinstated the account and recorded the
cash receipt.
Dec. 31
Wrote off...
The following are selected transactions of Watsonia Stores: 12 July Sold goods on account to Viewbank...
The following are selected transactions of Watsonia
Stores:
12 July Sold goods on account to Viewbank
Market for $1200, terms 2/10, n/30. The cost of the goods sold was
$800.
19 July Forwarded a credit note for $90 to Viewbank
Market covering part of the goods sold on 12 July, which cost $60,
that were returned by Viewbank Market as inappropriate. The goods
returned were not defective.
21 July Received from Viewbank Market a cheque
in full settlement of the...
The following are selected transactions of XYZ Ltd: 12 July Sold goods on account to ABC...
The following are selected transactions of XYZ Ltd:
12 July Sold goods on account to ABC Ltd
for $2400, terms 3/10, n/30. The cost of the goods sold was
$1600.
19 July Forwarded a credit note for
$180 to ABC Ltd covering part of the goods sold on 12 July, which
cost $120, that were returned by ABC Ltd as inappropriate. The
goods returned were not defective.
21 July Received from ABC Ltd a
cheque in full settlement of the...
The following are selected transactions of XYZ Ltd: 12 July Sold goods on account to ABC...
The following are selected transactions of XYZ Ltd: 12 July Sold
goods on account to ABC Ltd for $3750, terms 1/10, n/30. The cost
of the goods sold was $2500. 19 July Forwarded a credit note for
$300 to ABC Ltd covering part of the goods sold on 12 July, which
cost $200, that were returned by ABC Ltd as inappropriate. The
goods returned were not defective. 21 July Received from ABC Ltd a
cheque in full settlement of the...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Read at least 2 academically reviewed articles and Write an annotated bibliography paper on Master Budgeting
- Why normalization and referential integrity are important principles when designing relational databases?
- Respond to the following in a minimum of 175 words: Discuss what elements should be present...
- 1) The 3rd bright fringe of a double slit interference pattern is 30.0 cm above the...
- A solar cell generates a potential difference of 0.320 V when a 445.0 ? resistor is...
- A ceiling fan consists of a small cylindrical disk with 5 thin rods coming from the...
- You measure the following quantities as A = 1.0 m ± 0.2 m, B = 2.0...
ADVERTISEMENT