answers with the exercise number and show all your computations Exercise # 1 Presented below is information from Lopez Computers Incorporated July 1 10 Sold $30,000 of computers to Smallwood Company with terms 3/15, n/60. Lopez uses the gross method to record cash discounts Lopez received payment from Smallwood for the full amount owed from the July transactions. Sold $250,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 17 30 The Clark Store paid Lopez for its purchase of July 17. Instructions Prepare the necessary journal entries for Lopez Computers. (10 pts.) Exercise # 2 Sandel Company reports the following financial information before adjustments. Dr Cr $160,000 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Sales Returns and Allowances $2,000 800,000 am 50,000 ud