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Presented below is information from Waterway Computers Incorporated. July 1 Sold $23,200 of computers to Robertson Company with terms 3/15,n/60. Waterway uses the gross method
Presented below is information from Waterway Computers Incorporated. July 1 Sold $23,200 of computers to Robertson Company with terms 3/15,n/60. Waterway uses the gross method to record cash discounts. Waterway estimates allowances of $1,508 will be honored on these sales. (Waterway records these estimates at point of sale.) 10 Waterway received payment from Robertson for the full amount owed from the July transactions. 17 Sold $232,000 in computers and peripherals to The Clark Store with terms of 2/10,n/30. 30 The Clark Store paid Waterway for its purchase of July 17. Prepare the necessary journal entries for Waterway 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. List all debit entries
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