Presented below is information from Lopez Computers Instructions Prepare the necessary journal entries for Lopez Computers July 1 Sold R$30,000 of computers to Smallwood Company with terms 3 15, n 60 Lopez uses the gross method to record cash discounts 10 Lopez received payment from Smallwood for t...

Business
Intermediate Accounting IFRS 4th Edition
Presented below is information from Lopez Computers. Instructions Prepare the

Presented below is information from Lopez Computers. Instructions Prepare the necessary journal entries for Lopez Computers. July

Question:

Presented below is information from Lopez Computers.

Instructions

Prepare the necessary journal entries for Lopez Computers.

Transcribed Image Text:

July 1 Sold R$30,000 of computers to Smallwood Company with terms 3/15, n/60. Lopez uses the gross method to record cash discounts. 10 Lopez received payment from Smallwood for the full amount owed from the July transactions. 17 Sold R$250,00o in computers and peripherals to The Hernandez Store with terms of 2/10, n/30. 30 The Hernandez Store paid Lopez for its purchase of July 17.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 50% (8 reviews)

We will follow general rules of solving Journal Entries In the Book of Lo...View the full answer

Answered By

Prashant Sharma

As I am DBF fro IUT , I have caliber to teach and full fill all academic needs like in teaching and training all the relevant subjects,preparations of assignments preparations of exams and any other problems related to educations, I give you very updated guidances and directions to our esteemed students.

0.00 0 Reviews 10+ Question Solved

Related Book For book-img-for-question

Intermediate Accounting IFRS

ISBN: 9781119607519

4th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

See More Books

Question Posted: Jul 29, 2021 08:54 AM

See More Questions

Students also viewed these Business questions

Presented below is information from the statements of owner's equity for Kerkan Consulting for the first three years of operation. Determine the missing amounts: 2014 $68,000 2013 2015 J. Kerkan,...
Presented below is information from the annual report of Todd Warner, Inc. Operating income ............ $850,000 Bond interest expense ........... 305,000 545,000 Income taxes .............. 218,000...
Presented below is information from the annual report of Emporia Plastics, Inc. Operating income ..... $ 532,150 Bond interest expense ... 135,000 397,150 Income taxes ........ 183,432 Net income...
MULTIPLE CHOICE: 6. The stage of production at which the individual jointproducts are identified is referred to as the: A. Split-off point B. Joint point C. Separate identification point D. Relative...
Use Simpson's Rule with to estimate the arc length of the curve. Compare your answer with the value of the integral produced by your calculator. a. y = x sin x, 0 x 2 b. y = ln ( 1 + x3). 0 x 5
Write an AreaTester program that constructs a Rectangle object and then computes and prints its area. Use the getWidth and getHeight methods. Also print the expected answer.
Lee and Leigh are twins. At their first birthday party, Lee is placed on a spaceship that travels away from the earth and back at a steady $0.866 \mathrm{c}$. The spaceship eventually returns,...
On January 1, 2014, Hummer Company purchased 5% bonds, having a maturity value of $500,000, for $428,938. The bonds provide the bondholders with a 7% yield. They are dated January 1, 2014, and mature...
What role do antigen-presenting cells play in orchestrating the adaptive immune response, and how do they contribute to immunological memory ?
The Dorilane Company produces a set of wood patio furniture consisting of a table and four chairs. The company has enough customer demand to justify producing its full capacity of 4,000 sets per...
Valasquez SA sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the credit customers have taken...
The statement of financial position of Stancia SA at December 31, 2021, includes the following (in thousands). Transactions in 2022 include the following. 1. Accounts receivable of R$138,000 were...
How do individuals make a difference in a firms commitment to ethics? Describe the three stages an individual goes through when developing ethical standards.
1..What are the main or usual attractions for community-based tourism? Name two. 2..What do tourism researchers use the tourism lifestyle cycle for? 3. What is thematic tourism? 4. Discuss food-based...
Eden airlines is a growing airline company so it is necessary for them to have an issues management process. So how can an airline company, develop this process and what model should they build on...
An entry level worker believes that members of management have more power over workplace decisions than an entry level worker does. What cultural factor is this an example?
The first step taken by a city or a county in the taxing process is to determine the funds needed to meet the budget. prepare an inventory of all privately-owned properties. Determine the fair market...
Accounting Function: Establish clear accounting procedures to address the following concerns: a) Develop a system to track and report on fundraising events organized by individual member clubs. b)...
An ideal spring with a spring constant of 15 N/m is suspended vertically. A body of mass 0.60 kg is attached to the unstretched spring and released. (a) What is the extension of the spring when the...
Identify the most stable compound:
Accounting for Self-Constructed Assets Troopers Medical Labs, Inc., began operations 5 years ago producing stetrics, a new type of instrument it hoped to sell to doctors, dentists, and hospitals. The...
Capitalization of Interest Langer Airline is converting from piston-type planes to jets. Delivery time for the jets is 3 years, during which substantial progress payments must be made. The...
Capitalization of Interest Langer Airline is converting from piston-type planes to jets. Delivery time for the jets is 3 years, during which substantial progress payments must be made. The...
Based on historical data, the Hospital of St. Jacques wants to have 7 bags of B positive blood to every 2 bags of B Negative, furthermore, they want to have 3 bags of B negative blood for every 1 bag...
Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2024, the following transactions related to receivables occurred: February 28...
Card Name (APR %) Mark2 (6.55%) Bee4 (10.25%) Existing Balance $525.00 $1,478.48 Credit Limit $3,500.00 $2,750.00 You have $450.00 each month to pay off these two credit cards. You decide to pay only...

Digital Twin For Healthcare Design Challenges And Solutions 1st Edition - ISBN: 0323991637 - Free Book

Study smarter with the SolutionInn App