Presented below is information from Lopez Computers. Instructions Prepare the necessary journal entries for Lopez Computers. July
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Presented below is information from Lopez Computers.
Instructions
Prepare the necessary journal entries for Lopez Computers.
Transcribed Image Text:
July 1 Sold R$30,000 of computers to Smallwood Company with terms 3/15, n/60. Lopez uses the gross method to record cash discounts. 10 Lopez received payment from Smallwood for the full amount owed from the July transactions. 17 Sold R$250,00o in computers and peripherals to The Hernandez Store with terms of 2/10, n/30. 30 The Hernandez Store paid Lopez for its purchase of July 17.
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Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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