Vaughn plc uses the gross method to record sales made on credit. On June 1, 2022, it made sales of £57,000 with terms 2/15, n/45. On June 12, 2022, Vaughn received full payment for the June 1 sale. Prepare the required journal entries for Vaughn pic. (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. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit Credit
Vaughn plc uses the gross method to record sales made on credit. On June 1, 2022, it made sales of £57,000 with terms 2/15, n/45. On June 12, 2022, Vaughn received full payment for the June 1 sale. Prepare the required journal entries for Vaughn pic. (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. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:**Recording Journal Entries for Vaughn plc**
Vaughn plc uses the gross method to record sales made on credit. On June 1, 2022, the company made sales of £57,000 with terms 2/15, n/45. On June 12, 2022, Vaughn received full payment for the June 1 sale.
Instructions: Prepare the required journal entries for Vaughn plc. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
| Date | Account Titles and Explanation | Debit | Credit |
|------------|--------------------------------|-------|--------|
| | | | |
| | | | |
Note: The table provides fields for entering dates, account titles and explanations, and the debit and credit amounts. Fill each row with appropriate entries based on the transaction dates and amounts.
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