Exercise 7-06

Presented below is information from Riverbed Computers Incorporated.

July 1		Sold $17,200 of computers to Robertson Company with terms 3/15, n/60. Riverbed uses the gross method to record cash discounts. Riverbed estimates allowances of $1,118 will be honored on these sales.
10		Riverbed received payment from Robertson for the full amount owed from the July transactions.
17		Sold $172,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30.
30		The Clark Store paid Riverbed for its purchase of July 17.

Prepare the necessary journal entries for Riverbed Computers. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation Date Debit Credit (To record sales revenue.) (To record allowance for sales returns.) Open Show Work Click if you would like to Show Work for this