1-

resented below is information from Vaughn Computers Incorporated.

July 1		Sold $20,800 of computers to Robertson Company with terms 3/15, n/60. Vaughn uses the gross method to record cash discounts. Vaughn estimates allowances of $1,352 will be honored on these sales.
10		Vaughn received payment from Robertson for the full amount owed from the July transactions.
17		Sold $208,000 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.

2-

Bramble Company uses a perpetual inventory system. Its beginning inventory consists of 85 units that cost $58 each. During June, (1) the company purchased 255 units at $58 each, (2) returned 10 units for credit, and (3) sold 213 units at $85 each. Journalize the June transactions.

3-

Sheridan Company sells one product. Presented below is information for January for Sheridan Company.

Jan. 1		Inventory		107	units at $5 each
4		Sale		84	units at $8 each
11		Purchase		146	units at $6 each
13		Sale		118	units at $9 each
20		Purchase		153	units at $7 each
27		Sale		89	units at $10 each

Sheridan uses the FIFO cost flow assumption. All purchases and sales are on account.