Presented below is information from Martinez Computers. July 1 10 17 30 Sold R$17,200 of computers to Smallwood Company with terms 3/15, n/60. Martinez uses the gross method to record cash discounts. Martinez received payment from Smallwood for the full amount owed from the July transactions. Sold R$ 172,000 in computers and peripherals to The Hernandez Store with terms of 2/10, n/30. The Hernandez Store paid Martinez for its purchase of July 17. Prepare the necessary journal entries for Martinez 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.) Date Account Titles and Explanation Debit Credit
Presented below is information from Martinez Computers. July 1 10 17 30 Sold R$17,200 of computers to Smallwood Company with terms 3/15, n/60. Martinez uses the gross method to record cash discounts. Martinez received payment from Smallwood for the full amount owed from the July transactions. Sold R$ 172,000 in computers and peripherals to The Hernandez Store with terms of 2/10, n/30. The Hernandez Store paid Martinez for its purchase of July 17. Prepare the necessary journal entries for Martinez 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.) Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Presented below is information from Martinez Computers.
July 1
Sold R$17,200 of computers to Smallwood Company with terms 3/15, n/60. Martinez uses the gross method to record
cash discounts.
10
17
30
Martinez received payment from Smallwood for the full amount owed from the July transactions.
Sold R$172,000 in computers and peripherals to The Hernandez Store with terms of 2/10, n/30.
The Hernandez Store paid Martinez for its purchase of July 17.
Prepare the necessary journal entries for Martinez 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.)
Account Titles and Explanation
Date
Debit
Credit
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