The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who…

ACC 340 Accounting Information Systems- Final Exam
March 10, 2021
Answer the following questions 1. It seems from the discussion in the book that positive confirmations are more useful in detecting misstatements. Do you think there are any instances when negative confirmations are justified? When? What are the benef
March 10, 2021

The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who…

The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid 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 $1,900. 23 Collected payment from Claudio’s Chair Company from the July 15 sale. Aug. 25 Collected payment from Otto’s Ottomans from the July 20 sale. Required: Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended August 31. (Omit the “$” sign in your response.)
 
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