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Presented below is information from Waterway Computers Incorporated. Sold $23,200 of computers to Robertson Company with terms 3/15, n/60. Waterway uses the gross method to record cash discounts. Waterway estimates allowances of $1,508 will be honored on these sales. (Waterway records these estimates at point of sale) Waterway received payment from Robertson for the full amount owed from the July transactions. 17 Sold $232,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Waterway for its purchase of July 17. July 1 10 ry is required, select "No Entry" for the account titles and enter O ount is entered. Do not indent manually. List all debit entries Prepare the necessary journal entries for Waterway Computers. (If no for the amounts. Credit account titles are automatically indented when the before credit entries. Record journal entries in the order presented in the problem.) Debit Credit

Presented below is information from Waterway Computers Incorporated. Sold $23,200 of computers to Robertson Company with terms 3/15, n/60. Waterway uses the gross method to record cash discounts. Waterway estimates allowances of $1,508 will be honored on these sales. (Waterway records these estimates at point of sale) Waterway received payment from Robertson for the full amount owed from the July transactions. 17 Sold $232,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Waterway for its purchase of July 17. July 1 10 ry is required, select "No Entry" for the account titles and enter O ount is entered. Do not indent manually. List all debit entries Prepare the necessary journal entries for Waterway Computers. (If no for the amounts. Credit account titles are automatically indented when the before credit entries. Record journal entries in the order presented in the problem.) Debit Credit

FINANCIAL ACCOUNTING
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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Presented below is information from Waterway Computers Incorporated. July 1 10 17 30 Sold $23,200 of computers to Robertson Company with terms 3/15, n/60. Waterway uses the gross method to record cash discounts. Waterway estimates allowances of $1,508 will be honored on these sales. (Waterway records these estimates at point of sale.) Waterway received payment from Robertson for the full amount owed from the July transactions. Sold $232,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Waterway for its purchase of July 17. Prepare the necessary journal entries for Waterway Computers. (If no for the amounts. Credit account titles are automatically indented when the before credit entries. Record journal entries in the order presented in the problem.) Date July 1 July 10 Account Titles and Explanation (To record sales revenue.) try is required, select "No Entry" for the account titles and enter 0 ount is entered. Do not indent manually. List all debit entries (To record allowance for sales returns.) Debit Credit E
Transcribed Image Text:Presented below is information from Waterway Computers Incorporated. July 1 10 17 30 Sold $23,200 of computers to Robertson Company with terms 3/15, n/60. Waterway uses the gross method to record cash discounts. Waterway estimates allowances of $1,508 will be honored on these sales. (Waterway records these estimates at point of sale.) Waterway received payment from Robertson for the full amount owed from the July transactions. Sold $232,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Waterway for its purchase of July 17. Prepare the necessary journal entries for Waterway Computers. (If no for the amounts. Credit account titles are automatically indented when the before credit entries. Record journal entries in the order presented in the problem.) Date July 1 July 10 Account Titles and Explanation (To record sales revenue.) try is required, select "No Entry" for the account titles and enter 0 ount is entered. Do not indent manually. List all debit entries (To record allowance for sales returns.) Debit Credit E
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