Problem - Recording Sales Transactions
Presented below is information from Lopez Computers Incorporated.
July 1 Sold $30,000 of computers to Smallwood Company with terms 3/15, n/60. Lopez uses the gross method to record cash discounts.
July 10 Lopez received payment from Smallwood for the full amount owed from the July transactions.
July 17 Sold $250,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30.
July 30 The Clark Store paid Lopez for its purchase of July 17.
Required - Prepare the necessary journal entries for Lopez Computers.