Question: Presented below is information from TextTech Inc. July 1 Sold $200,000 of laptops to Marcell Company with term 3/15, n/30. TextTech uses the gross method

Presented below is information from TextTech Inc.

July 1 Sold $200,000 of laptops to Marcell Company with term 3/15, n/30. TextTech uses the gross method to record cash discounts. TextTech estimates allowances of $15,000 will be honored on these sales.

July 10 TextTech received payment from Marcell Company for the full amount owed from the July transaction.

July 17 Sold $1.5 million in laptops and pre-wired cases to Liquid Communications with terms of 2/10, n/30.

July 30 Liquid Communications paid TextTech for its purchase on July 17.

Required: Prepare the necessary journal entries for TextTech.

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