Question: Presented below is information from Crane Computers Incorporated. July 1 10 Sold $19,600 of computers to Robertson Company with terms 3/15, n/60. Crane uses the
Presented below is information from Crane Computers Incorporated. July 1 10 Sold $19,600 of computers to Robertson Company with terms 3/15, n/60. Crane uses the gross method to record cash discounts. Crane estimates allowances of $1,274 will be honored on these sales. Crane received payment from Robertson for the full amount owed from the July transactions. 17 30 Sold $196,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Crane for its purchase of July 17. Prepare the necessary journal entries for Crane Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation > (To record sales revenue.) (To record allowance for sales returns.) Debit Debit Prepare the necessary journal entries for Crane Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation (To record sales revenue.) (To record allowance for sales returns.) > >
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