Wildlife Wholesale Supply sold birdseed to a retailer for $860, receiving cash at the time of sale. The cost of the birdseed was $370. When recording the collection from the customer, in its cash receipts journal, Wildlife would enter: $860 in the Accounts Receivable Dr. column, $860 in the Cash Cr. column; and $370 in the Cost of Goods Sold Dr./Inventory Cr. column. $860 in the Cash Dr. column; $860 in the Sales Cr. column; and $370 in the Cost of Goods Sold Dr./Inventory Cr. column. $370 in the Cash Dr. column and $370 in the Accounts Receivable Cr. column. $860 in the Cash Dr. column; $860 in the Sales Cr. column; and $370 in the Other Accounts Cr. column. $860 in the Cash Dr. column and $860 in the Accounts Receivable Cr. column.

Nevada Company provided services with a list price of $48,500 to Small Enterprises with terms 2/15, n/45. Nevada records sales at gross. Required: Question Content Area 1.  Prepare the entry to record this sale in Nevada's journal 2.  Prepare the entry for Nevada's journal to record receipt of cash in payment for the sale within the discount period. If an amount box does not require an entry, leave it blank. 3.Prepare the entry for Nevada's journal to record receipt of cash in payment for the sale after the discount period.

The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,400 purchase with cash. The goods cost Evergreen Company $840. July 15 Sold merchandise to Claudio's Chair Company at a selling price of $5,300 on terms 3/10, n/30. The goods cost Evergreen Company $3,710. July 16 Sold merchandise to Otto's Ottomans at a selling price of $3,150 on terms 3/10, n/30. The goods cost Evergreen Company $1,980. July 23 Received cash from Claudio's Chair Company for the amount due from July 15. July 31 Received cash from Otto's Ottomans for the amount due from July 16. Required: Prepare journal entries to record the transactions, assuming Evergreen Company records discounts using the net method in a perpetual inventory system. Forfeited discounts are recorded as Other Revenue. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest…

Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $1,300 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. November 10 Dollar Store pays $65 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $1,404 with terms n/30. The cost of the merchandise is $702. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction.. The returned items are priced at $290 and cost $145; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet