Question: Presented below is information from Vaughn Computers Incorporated. July 1 Sold $21,600 of computers to Robertson Company with terms 3/15,n/60. Vaughn uses the gross method
Presented below is information from Vaughn Computers Incorporated. July 1 Sold $21,600 of computers to Robertson Company with terms 3/15,n/60. Vaughn uses the gross method to record cash discounts. Vaughnestimates allowances of $1,404 will be honored on these sales. (Vaughn records these estimates at point of sale.) 10 Vaughn recelved payment from Robertson for the full amountowed from the July transactions. 17 Sold $216,000 in computers and peripherals to The Clark Store with terms of 2/10,N/30. 30 The Clark Store paid Vaughn for its purchase of July 17. Presented below is information from Vaughn Computers Incorporated. July 1 Sold $21,600 of computers to Robertson Company with terms 3/15,n/60. Vaughn uses the gross method to record cash discounts. Vaughnestimates allowances of $1,404 will be honored on these sales. (Vaughn records these estimates at point of sale.) 10 Vaughn recelved payment from Robertson for the full amountowed from the July transactions. 17 Sold $216,000 in computers and peripherals to The Clark Store with terms of 2/10,N/30. 30 The Clark Store paid Vaughn for its purchase of July 17
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