Presented below is information from Coronado Computers Incorporated. July 1 Sold $22,600 of computers to Robertson Company
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Presented below is information from Coronado Computers Incorporated.
July 1 | Sold $22,600 of computers to Robertson Company with terms 3/15, n/60. Coronado uses the gross method to record cash discounts. Coronado estimates allowances of $13,34 will be honored on these sales. | |
10 | Coronado received payment from Robertson for the full amount owed from the July transactions. | |
17 | Sold $160,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. | |
30 | The Clark Store paid Coronado for its purchase of July 17. |
Prepare the necessary journal entries for Coronado 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 |
---|---|---|---|
July 1 | Accounts Receivable | 16,000 | |
Sales Revenue | 16,000 | ||
(To Record Sales Revenue) | |||
Accounts Receivable | 16,000 | ||
Sales Returns and Allowances | 16,000 | ||
(To Record Allowance For Sales Returns) | |||
July 10 | |||
July 17 | |||
July 30 | |||
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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