50.1K
Verified Solution
Link Copied!
Perez Computers Incorporated grants its customers cash discounts of 3/10, n/60. Perez had the following transactions during the month of July.
| July 1 | Sold $20,000 of computers to Robertson Company. |
| 10 | Perez received payment from Robertson for July 1st sale. |
| 17 | Sold $200,000 in computers and peripherals to The Clark Store. |
| 30 | The Clark Store paid Perez for its July 17 purchase. |
Instructions: Journalize these transactions for the seller using the gross method of accounting for sales.
Instructions: Journalize these transactions for Perez Computers Incorporated using the net method of accounting for sales.
Answer & Explanation
Solved by verified expert
