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Presented below is information from Teal Computers Incorporated. July 1 Sold $19,600 of computers to Robertson Company with terms 3/15, n/60. Teal uses the gross
Presented below is information from Teal Computers Incorporated. July 1 Sold $19,600 of computers to Robertson Company with terms 3/15, n/60. Teal uses the gross method to record cash discounts. Teal estimates allowances of $1,274 will be honored on these sales. 10 Teal received payment from Robertson for the full amount owed from the July transactions. 17 Sold $196,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Teal for its purchase of July 17. for the amounts. Credit Prepare the necessary journal entries for Teal Computers. (If no entry is required, select "No Entry" for the account titles and enter account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (To record sales revenue.) (To record allowance for sales returns.)
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