Question: Presented below is information from Flounder Computers Incorporated. July 1 Sold $ 28,900 of computers to Robertson Company with terms 4/15, n/60. Flounder uses the
Presented below is information from Flounder Computers Incorporated.
| July 1 | Sold $ 28,900 of computers to Robertson Company with terms 4/15, n/60. Flounder uses the gross method to record cash discounts.Flounder estimates allowances of $ 1,389 will be honored on these sales. | |
| 10 | Flounder received payment from Robertson for the full amount owed from the July transactions. | |
| 17 | Sold $ 240,900 in computers and peripherals to The Clark Store with terms of 3/10, n/30. | |
| 30 | The Clark Store paid Flounder for its purchase of July 17. |
Prepare the necessary journal entries for Flounder 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.)
| Date | Account Titles and Explanation | Debit | Credit |
|---|---|---|---|
| choose a transaction datechoose a transaction date July 1July 10July 17July 30 | enter an account title to record sales revenue | enter a debit amount | enter a credit amount |
| enter an account title to record sales revenue | enter a debit amount | enter a credit amount | |
| (To record sales revenue.) | |||
| enter an account title to record allowance for sales returns | enter a debit amount | enter a credit amount | |
| enter an account title to record allowance for sales returns | enter a debit amount | enter a credit amount | |
| (To record allowance for sales returns.) | |||
| July 10 | enter an account title for the journal entry on July 10 | enter a debit amount | enter a credit amount |
| enter an account title for the journal entry on July 10 | enter a debit amount | enter a credit amount | |
| enter an account title for the journal entry on July 10 | enter a debit amount | enter a credit amount | |
| choose a transaction datechoose a transaction date July 1July 10July 17July 30 | enter an account title | enter a debit amount | enter a credit amount |
| enter an account title | enter a debit amount | enter a credit amount | |
| choose a transaction datechoose a transaction date July 1July 10July 17July 30 | enter an account title | enter a debit amount | enter a credit amount |
| enter an account title | enter a debit amount | enter a credit amount |
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