Recording sales transaction for Perez Computers Inc. July 1 - sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Perez uses the gross method to record cash discounts. Perez estimates allowances of $1,300 will be honored on these sales. July 10 - Perez received payment from Robertson for the full amount owed from the July transactions. July 17 - Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. July 30 - The Clark Store paid Perez for its purchase of July 17 Prepare the necessary journal entries for Perez Computers
Recording sales transaction for Perez Computers Inc. July 1 - sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Perez uses the gross method to record cash discounts. Perez estimates allowances of $1,300 will be honored on these sales. July 10 - Perez received payment from Robertson for the full amount owed from the July transactions. July 17 - Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. July 30 - The Clark Store paid Perez for its purchase of July 17 Prepare the necessary journal entries for Perez Computers
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Recording sales transaction for Perez Computers Inc.
July 1 - sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Perez uses the gross method to record cash discounts. Perez estimates allowances of $1,300 will be honored on these sales.
July 10 - Perez received payment from Robertson for the full amount owed from the July transactions.
July 17 - Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30.
July 30 - The Clark Store paid Perez for its purchase of July 17
Prepare the necessary
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