**E7.6 (LO 2) (Recording Sales Transactions)**Presented below is information from Perez Computers Incorporated.- **July 1** Sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Perez uses the gross method to record cash discounts. Perez estimates allowances of $1,300 will be honored on these sales.- **July 10** Perez received payment from Robertson for the full amount owed from the July transactions.- **July 17** Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30.- **July 30** The Clark Store paid Perez for its purchase of July 17.**Instructions**Prepare the necessary journal entries for Perez Computers.

Sales discount = Accounts receivable x rate of discount = $20,000 x 3% = $6,00

E7.6 (LO 2) (Recording Sales Transactions) Presented below is information from Perez Computers Incorporated. July 1 Sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Perez uses the gross method to record cash discounts. Perez estimates allowances of $1,300 will be honored on these sales. Perez received payment from Robertson for the full amount owed from the July transactions. 10 Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Perez for its purchase of July 17. 17 30 Instructions Prepare the necessary journal entries for Perez Computers.

E7.6 (LO 2) (Recording Sales Transactions) Presented below is information from Perez Computers Incorporated. July 1 Sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Perez uses the gross method to record cash discounts. Perez estimates allowances of $1,300 will be honored on these sales. Perez received payment from Robertson for the full amount owed from the July transactions. 10 Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Perez for its purchase of July 17. 17 30 Instructions Prepare the necessary journal entries for Perez Computers.

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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