Question

Question 12 --/1 View Policies Current Attempt in Progress Presented below is information from Indigo Computers Incorporated. July 1 Sold $16,800 of computers to Robertson Company with terms 3/15, n/60. Indigo uses the gross method to record cash discounts. Indigo estimates allowances of $1,092 will be honored on these sales. 10 Indigo received payment from Robertson for the full amount owed from the July transactions. 17 Sold $168,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Indigo for its purchase of July 17. Prepare the necessary journal entries for Indigo 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.)

Answer 1

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ANDE JOURNAL ENTRIES Credit $16,800 Date Account titles and explanation Debit July.s. | Accounts Receivable All Dr $16,800 1. To Sales Revenue ALC Sales Returns and allowances Alc D el $1099 To Allowance for Sales Returns and Allowance July 10 Cash e $ 16,996 Sales Discounts All De $504 TO Accounts Receivable AlC $1092 Alc $ 16,860 $168,000 De All $166.600 July 17. Accounts Receivable All 1. To Sales Revenue July 30 Cash Alc. TO Accounts Receivable $168,000 DE All I $168.670