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E 7 . 6 ( LO 2 ) ( Recording Sales Transactions ) Presented below is information from Lopez Computers. July 1 Sold R$ 3

E7.6(LO 2)(Recording Sales Transactions) Presented below is information from Lopez Computers. July1 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$250,000 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. InstructionsPrepare the necessary journal entries for Lopez Computers.

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