Question

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. Perez estimates allowances of $1,300 will be honored on these sales. 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.Instructions Prepare the necessary journal entries for Perez Computers.

Answer 1

Journal entries

Step-by-step explanation:

The journal entries are as follows

On July 1

Accounts receivable Dr $20,000

To Sales revenue $20,000

(Being the sales is recorded on account)

On July 10

Cash $19,400

Sales discount $600 ($20,000 × 3%)

To Accounts receivable $20,000

(Being the payment received is recorded)

On July 17

Accounts receivable $200,000

To Sales revenue 200,000

(Being the sales is recorded on account)

On July 30

Cash $200,000

To Accounts receivable $200,000

(Being the payment received is recorded)