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 Receivable July 10 Sales Revenue (To record sales revenue.) Sales Returns and Allowances Refund Liability (To record allowance for sales returns.) Cash Sales Discounts July 17 Accounts Receivable Accounts Receivable Sales Revenue July 30 Cash Accounts Payable 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 Receivable July 10 Sales Revenue (To record sales revenue.) Sales Returns and Allowances Refund Liability (To record allowance for sales returns.) Cash Sales Discounts July 17 Accounts Receivable Accounts Receivable Sales Revenue July 30 Cash Accounts Payable 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 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 Receivable
July 10
Sales Revenue
(To record sales revenue.)
Sales Returns and Allowances
Refund Liability
(To record allowance for sales returns.)
Cash
July 17
Sales Discounts
Accounts Receivable
Accounts Receivable
Sales Revenue
July 30
Cash
Accounts Payable
Debit
Credit
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