Presented below is information from Perez Computers Incorporated. July 1 Sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Perez uses the gross method to record cash discounts. 10 Perez received payment from Robertson for the full amount owed from the July transactions. 17 Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Perez for its purchase of July 17

Question

Business

Andrew Boyer

10 June, 09:24

Presented below is information from Perez Computers Incorporated. July 1 Sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Perez uses the gross method to record cash discounts. 10 Perez received payment from Robertson for the full amount owed from the July transactions. 17 Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Perez for its purchase of July 17

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Lucy Ramsey · Answer 1

The Journal Entry is shown below:-

1. Accounts Receivable Dr, $20,000

To cash revenue $20,000

(Being computer sold is recorded)

2. Cash Dr, $19,400

Sales discount Dr, $600

To accounts receivable $20,000

(Being cash is received)

3. Accounts receivable Dr, $200,000

To sales revenue $200,000

(Being sales revenue is recorded)

4. Cash Dr, $200,000

To accounts receivable $200,000

(Being cash is recorded)