Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below is information from Flounder Computers Incorporated. July 1 Sold $ 28,900 of computers to Robertson Company with terms 4/15, n/60. Flounder uses the

Presented below is information from Flounder Computers Incorporated.

July 1 Sold $ 28,900 of computers to Robertson Company with terms 4/15, n/60. Flounder uses the gross method to record cash discounts.Flounder estimates allowances of $ 1,389 will be honored on these sales.
10 Flounder received payment from Robertson for the full amount owed from the July transactions.
17 Sold $ 240,900 in computers and peripherals to The Clark Store with terms of 3/10, n/30.
30 The Clark Store paid Flounder for its purchase of July 17.

Prepare the necessary journal entries for Flounder Computers. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction datechoose a transaction date July 1July 10July 17July 30

enter an account title to record sales revenue

enter a debit amount

enter a credit amount

enter an account title to record sales revenue

enter a debit amount

enter a credit amount

(To record sales revenue.)

enter an account title to record allowance for sales returns

enter a debit amount

enter a credit amount

enter an account title to record allowance for sales returns

enter a debit amount

enter a credit amount

(To record allowance for sales returns.)

July 10

enter an account title for the journal entry on July 10

enter a debit amount

enter a credit amount

enter an account title for the journal entry on July 10

enter a debit amount

enter a credit amount

enter an account title for the journal entry on July 10

enter a debit amount

enter a credit amount

choose a transaction datechoose a transaction date July 1July 10July 17July 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction datechoose a transaction date July 1July 10July 17July 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

How many types of bankruptcy and these types explained in Chapters?

Answered: 1 week ago