Presented below is information from Vaughn Computers Incorporated. July 1 ...
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Accounting
Presented below is information from Vaughn Computers Incorporated.
July 1
Sold $24,700 of computers to Robertson Company with terms 3/15, n/60. Vaughn uses the gross method to record cash discounts. Vaughn estimates allowances of $1,341 will be honored on these sales.
10
Vaughn received payment from Robertson for the full amount owed from the July transactions.
17
Sold $207,200 in computers and peripherals to The Clark Store with terms of 2/10, n/30.
30
The Clark Store paid Vaughn for its purchase of July 17.
Prepare the necessary journal entries for Vaughn Computers. (i tried to answer some of the problems on my own. If they are wrong, please answer this question with the new chart with new numbers and answers in the exact format below.)
Date Account Titles and Explanation Debit Credit July 1 Accounts Receivable 24700 Sales Revenue 24700 (To record sales revenue.) Accounts Receivable 24700 Sales Returns and Allowances 24700 To record allowance for sales returns.) July 10 Cash Sales Discounts Accounts Receivable July 17 | July 30
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