Presented below is information from Flint Computers Incorporated.July 1 Sold $12,700 of computers to Buffalo Company with terms 4/15, n/60. Flint uses the gross method to record cashdiscounts.10Flint received payment from Buffalo for the full amount owed from the July 1 transaction.17Sold $145,600 in computers and peripherals to The Clark Store with terms of 4/10, n/30.30The Clark Store paid Flint for its purchase of July 17.Prepare the necessary journal entries for Flint Computers. (Credit account titles are automatically indented when the amount is enterednot indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before centries. Record journal entries in the order presented in the problem.)

Transaction 1: Sale to Buffalo Company on July 1Flint sold computers worth $12,700 on terms 4/15,…

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College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 3PB

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Air Compressors Inc. purchases compressor parts for its inventory from a supplier. The following transactions take place during the current year: A. On April 5, the company purchases 400 parts for $8.30 per part, on credit. Terms of the purchase are 4/ 10, n/30, invoice dated April 5. B. On May 5, Air Compressors does not pay the amount due and renegotiates with the supplier. The supplier agrees to $400 cash immediately as partial payment on note payable due, converting the debt owed into a short-term note, with a 7% annual interest rate, payable in three months from May 5. C. On August 5, Air Compressors pays its account in full. Record the journal entries to recognize the initial purchase, the conversion plus cash, and the payment.
Presented below is information from Crane Computers Incorporated. July 1 Sold $14,800 of computers to Cheyenne Company with terms 2/15, n/60. Crane uses the gross method to record cash discounts. 10 Crane received payment from Cheyenne for the full amount owed from the July 1 transaction. 17 Sold $111,900 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Crane for its purchase of July 17. Prepare the necessary journal entries for Crane Computers. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation eTextbook and Media Debit Credit
Presented below is information from Metlock Computers Incorporated. July 1 10 Sold $19,600 of computers to Robertson Company with terms 3/15, n/60. Metlock uses the gross method to record cash discounts. Metlock estimates allowances of $1,274 will be honored on these sales. (Metlock records these estimates at point of sale.) Metlock received payment from Robertson for the full amount owed from the July transactions. 17 Sold $196,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Metlock for its purchase of July 17. Prepare the necessary journal entries for Metlock 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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date July 1 Account Titles and Explanation Accounts…
Presented below is information from Culver Computers Incorporated. July 1 Sold $14,100 of computers to Larkspur Company with terms 3/15, n/60. Culver uses the gross method to record cash discounts. 10 Culver received payment from Larkspur for the full amount owed from the July 1 transaction. 17 Sold $108,100 in computers and peripherals to The Clark Store with terms of 3/10, n/30. 30 The Clark Store paid Culver for its purchase of July 17. Prepare the necessary journal entries for Culver Computers. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
Presented below is information from Kingbird Computers Incorporated. July 1 Sold $24,000 of computers to Robertson Company with terms 3/15, n/60. Kingbird uses the gross method to record cash discounts. Kingbird estimates allowances of $1,560 will be honored on these sales. (Kingbird records these estimates at point of sale.) Kingbird received payment from Robertson for the full amount owed from the July transactions. Sold $240,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Kingbird for its purchase of July 17. 10 17 30 Prepare the necessary journal entries for Kingbird 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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (To record sales…
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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 Larkspur Computers Incorporated. July 1 Sold $19,200 of computers to Robertson Company with terms 3/15, n/60. Larkspur uses the gross method to record cash discounts. Larkspur estimates allowances of $1,248 will be honored on these sales. 10 Larkspur received payment from Robertson for the full amount owed from the July transactions. 17 Sold $192,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Larkspur for its purchase of July 17. Prepare the necessary journal entries for Larkspur Computers.
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Presented below is information from Novak Computers Incorporated. July 1 10 17 30 Sold $25,600 of computers to Robertson Company with terms 3/15, n/60. Novak uses the gross method to record cash discounts. Novak estimates allowances of $1,664 will be honored on these sales. (Novak records these estimates at point of sale.) Prepare the necessary journal entries for Novak 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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Novak received payment from Robertson for the full amount owed from the July transactions. Sold $256,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Novak for its purchase of July 17. Date July 1 V July 17 July 10 V July 30 V Account Titles and Explanation…
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