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10 Sunland received payment from Robertson for the full amount owed from the July transactions.

10 Sunland received payment from Robertson for the full amount owed from the July transactions.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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July 1 10 17 30 Sold $20,000 of computers to Robertson Company with terms 3/15, n/60 Sunland uses the gross method to record cash discounts Sunland estimates allowances of $1,352 will be honored on these sales, (Sunland records these estimates at point of sale Sunland received payment from Robertson for the full amount owed from the July transactions Sold $206.000 in computers and peripherals to The Clark Store with terms of 2/10,n/30 The Clark Store paid Sunland for its purchase of July 17. Prepare the necessary journal entries for Sunland Computers. Of no entry is required, select "No Entry for the account titles and enter Ofor the amounts Credit account titles are automatically indented when the amount is entered. Do not indent manually List all debit entries before creditentries Record joural entries in the order presented in the problem) Date My V y 10 July 20 My 11 V Account Titles and Explanation (To record sales revenue) (To record allowance for sales retums) Debit Credit
Transcribed Image Text:July 1 10 17 30 Sold $20,000 of computers to Robertson Company with terms 3/15, n/60 Sunland uses the gross method to record cash discounts Sunland estimates allowances of $1,352 will be honored on these sales, (Sunland records these estimates at point of sale Sunland received payment from Robertson for the full amount owed from the July transactions Sold $206.000 in computers and peripherals to The Clark Store with terms of 2/10,n/30 The Clark Store paid Sunland for its purchase of July 17. Prepare the necessary journal entries for Sunland Computers. Of no entry is required, select "No Entry for the account titles and enter Ofor the amounts Credit account titles are automatically indented when the amount is entered. Do not indent manually List all debit entries before creditentries Record joural entries in the order presented in the problem) Date My V y 10 July 20 My 11 V Account Titles and Explanation (To record sales revenue) (To record allowance for sales retums) Debit Credit
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