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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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