Question

Presented below is information from Shefield Computers Incorporated าง y 1 Sold S22,000 of computers to Robertson Company with terms rīs r 60 Sheffield uses the gross method to record cash discounts. Shoffield estimates allo ances of $1,171 wAV be honored on these sales. 10 Sheffield recelived payment from Robertson for the full amount owed from the July transactions. 7 Sold $215,600 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 0 The Clark Store paid Sheffield for its purchase of July 17 uly 10 would lae DOLL

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Answers

Date	Accounts title	Debit	Credit
Jul-01	Accounts receivables	$22,600.00
	Sales revenue		$22,600.00
	(to record sales revenue)
	Sales Return & Allowances	$1,171.00
	Accounts receivables		$1,171.00
Jul-10	Cash	$20,786.13
	Sales Discounts [(22600 - 1171) x 3%]	$642.87
	Accounts receivables [22600-1171]		$21,429.00
	(payment received)
Jul-17	Accounts receivables	$215,600.00
	Sales revenue		$215,600.00
	(to record sales revenue)
Jul-30	Cash	$215,600.00
	Accounts receivables		$215,600.00
	(payment received)