Presented below is information from Lopez Computers Incorporated.

July $1$ Sold $$30,000$ of computers to Smallwood company with terms $3/15,$ n$/60.$

$10$ Lopez received payment from Smallwood for the full amount owed from the July transactions.

$17$ Sold $$250,000$ in computers and peripherals to The Clark Store with terms of $2/10,$ n$/30.$

$30$ The Clark Store paid Lopez for its purchase of July $17.$

Instructions

Prepare the necessary journal entries for Lopez Computers using $(1)$ the gross method and $(2)$ the net method

Gross

Net