Exercise 7-6 Presented below is information from Perez Computers Incorporated. J

Question

Exercise 7-6 Presented below is information from Perez Computers Incorporated. July 1 Sold $22,300 of computers to Robertson Company with terms 3/15, n/60. Perez uses the gross method to record cash discounts. 10 Perez received payment from Robertson for the full amount owed from the July transactions. 17 Sold $227,500 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Perez for its purchase of July 17. Prepare the necessary journal entries for Perez Computers. (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.) Date Account Titles and Explanation Debit Credit July 1 July 10 July 17 July 30 Exercise 7-6 Presented below is information from Perez Computers Incorporated. July 1 Sold $22,300 of computers to Robertson Company with terms 3/15, n/60. Perez uses the gross method to record cash discounts. 10 Perez received payment from Robertson for the full amount owed from the July transactions. 17 Sold $227,500 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Perez for its purchase of July 17. Prepare the necessary journal entries for Perez Computers. (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.) Date Account Titles and Explanation Debit Credit July 1 July 10 July 17 July 30

Explanation / Answer

Perez Computers Journal Entry Date Account Title Dr $ Cr $ Jul 1. Sales Revenue             22,300.00 Accounts Receivable                  22,300.00 ( sale sof computer to Robertson Co) Jul 10. Accounts Receivable             22,300.00 Cash Dicsount                        669.00 Cash                  21,631.00 ( receipt of payment less cash discount as per term) Jul 17. Sales Revenue           227,500.00 Accounts Receivable               227,500.00 ( sale sof computer to Clark store ) Jul 30. Accounts Receivable           227,500.00 Cash               227,500.00 ( receipt of payment in full as per term)

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.