Presented below is information from Cullumber Computers Incorporated. July 1 Sold $18,400 of computers to Robertson Company with terms 3/15, n/60. Cullumber uses the gross method to record cash discounts. Cullumber estimates allowances of $1,196 will be honored on these sales. 10 Cullumber received payment from Robertson for the full amount owed from the July transactions. 17 Sold $184,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Cullumber for its purchase of July 17. Prepare the necessary journal entries for Cullumber Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually)

Presented below is information from Cullumber Computers Incorporated. July 1 Sold $18,400 of computers to Robertson Company with terms 3/15, n/60. Cullumber uses the gross method to record cash discounts. Cullumber estimates allowances of $1,196 will be honored on these sales. 10 Cullumber received payment from Robertson for the full amount owed from the July transactions. 17 Sold $184,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Cullumber for its purchase of July 17. Prepare the necessary journal entries for Cullumber Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually)

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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