Question: 1 Presented below is information from Novak Computers Incorporated July 1 Sold $24,000 of computers to Robertson Company with terms 3/15, 1/60. Novak uses the

Presented below is information from Novak Computers Incorporated July 1 Sold $24,000 of computers to Robertson Company with terms 3/15, 1/60. Novak uses the gross method to record cash discounts. Novak estimates allowances of $1.560 will be honored on these sales. 10 Novak received payment from Robertson for the full amount owed from the July transactions 17 Sold $240,000 in computers and peripherals to The Clark Store with terms of 2/10, 1/30 30 The Clark Store paid Novak for its purchase of July 17. Prepare the necessary journal entries for Novak Computers. Of no entry is required, select "No Entry for amount is entered. Do not inden manually for the amounts Credit accounts are automatically indented when the Date Account Titles and Explanation Debit Credit (To record sales revenue.) (To record allowance for sales returns.)

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