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.) July 1 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 10 V July 30 July 17 V Account Titles and Explanation Accounts Receivable Sales Revenue (To record sales revenue.) Sales Returns and Allowances Allowance for Sales Returns and Allowances (To record allowance for sales returns.) Cash Sales Discounts Accounts Receivable Accounts Receivable Sales Revenue Cash Accounts Receivable Debit 25600 1664 [] 24832 768 256000 256000 Credit 25600 1664 25600 256000 256000
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.) July 1 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 10 V July 30 July 17 V Account Titles and Explanation Accounts Receivable Sales Revenue (To record sales revenue.) Sales Returns and Allowances Allowance for Sales Returns and Allowances (To record allowance for sales returns.) Cash Sales Discounts Accounts Receivable Accounts Receivable Sales Revenue Cash Accounts Receivable Debit 25600 1664 [] 24832 768 256000 256000 Credit 25600 1664 25600 256000 256000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Accounts Receivable
Sales Revenue
(To record sales revenue.)
Sales Returns and Allowances
Allowance for Sales Returns and Allowances
(To record allowance for sales returns.)
Cash
Sales Discounts
Accounts Receivable
Accounts Receivable
Sales Revenue
Cash
Accounts Receivable
Debit
25600
1664
24832
768
111
14:41
256000
Credit
256000
25600
1664
25600
256000
256000
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