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Presented below is information from Cheyenne Computers Incorporated. July 1 Sold $19,200 of computers to Robertson Company with terms 3/15, n/60. Cheyenne uses the gross
Presented below is information from Cheyenne Computers Incorporated.
| July 1 | Sold $19,200 of computers to Robertson Company with terms 3/15, n/60. Cheyenne uses the gross method to record cash discounts. Cheyenne estimates allowances of $1,248 will be honored on these sales. | |
| 10 | Cheyenne received payment from Robertson for the full amount owed from the July transactions. | |
| 17 | Sold $192,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. | |
| 30 | The Clark Store paid Cheyenne for its purchase of July 17. |
Prepare the necessary journal entries for Cheyenne Computers.
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Financial And Managerial Accounting Information For Decisions
Authors: John Wild, Ken Shaw, Barbara Chiappetta
7th Edition
1259726703, 9781259726705
