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Presented below is information from Larkspur Computers Incorporated. July 1 Sold $24,800 of computers to Robertson Company with terms 3/15,n/60. Larkspur uses the gross method
Presented below is information from Larkspur Computers Incorporated. July 1 Sold $24,800 of computers to Robertson Company with terms 3/15,n/60. Larkspur uses the gross method to record cash discounts. Larkspur estimates allowances of $1,612 will be honored on these sales. 10 Larkspur received payment from Robertson for the full amount owed from the July transactions. 17 Sold $248,000 in computers and peripherals to The Clark Store with terms of 2/10,n/30. 30 The Clark Store paid Larkspur for its purchase of July 17. Prepare the necessary journal entries for Larksur 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.)
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