Jul. 12: Sold computers on account for $7,500 to a customer, terms 3/15, n/30. The cost...

 

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Jul. 12: Sold computers on account for $7,500 to a customer, terms 3/15, n/30. The cost of the computers is $3,750. Smart uses the gross method for recording sales revenue. Begin by preparing the entry to journalize the sale portion of the transaction. (Do not record the expense related to the sale with this entry. We will do that in the following step.) Accounts and Explanation Debit Credit Date Jul. 12 July 12 July 26 Sold computers on account for $7,500 to a customer, terms 3/15, n/30. The cost of the computers is $3,750. Smart uses the gross method for recording sales revenue. Received payment from the customer on balance due. Jul. 12: Sold computers on account for $7,500 to a customer, terms 3/15, n/30. The cost of the computers is $3,750. Smart uses the gross method for recording sales revenue. Begin by preparing the entry to journalize the sale portion of the transaction. (Do not record the expense related to the sale with this entry. We will do that in the following step.) Accounts and Explanation Debit Credit Date Jul. 12 July 12 July 26 Sold computers on account for $7,500 to a customer, terms 3/15, n/30. The cost of the computers is $3,750. Smart uses the gross method for recording sales revenue. Received payment from the customer on balance due.

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