Presented below is information from Sheffield Computers Incorporated. July 1 Sold $22,300 of computers to...
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Accounting
Presented below is information from Sheffield Computers Incorporated. July 1 Sold $22,300 of computers to Robertson Company with terms 2/15, n/60. Sheffield uses the gross method to record cash discounts. Sheffield estimates allowances of $1,254 will be honored on these sales. 10 17 30 Sheffield received payment from Robertson for the full amount owed from the July transactions. Sold $292,800 in computers and peripherals to The Clark Store with terms of 1/10, n/30 The Clark Store paid Sheffield for its purchase of July 17 Prepare the necessary journal entries for Sheffield Computers. (If no entry is required, select "No Entry" for the account titles and enter o 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 (To record sales revenue.) (To record allowance for sales returns.) July 10
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