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Presented below is information from Novak Computers Incorporated. July 1 10 17 30 Sold $25,600 of computers to Robertson Company with terms 3/15, n/60. Novak uses the gross method to record cash discounts. Novak estimates allowances of $1,664 will be honored on these sales. (Novak records these estimates at point of sale.) Prepare the necessary journal entries for Novak Computers. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) July 1 Novak received payment from Robertson for the full amount owed from the July transactions. Sold $256,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Novak for its purchase of July 17. Date July 10 V July 30 July 17 V Account Titles and Explanation Accounts Receivable Sales Revenue (To record sales revenue.) Sales Returns and Allowances Allowance for Sales Returns and Allowances (To record allowance for sales returns.) Cash Sales Discounts Accounts Receivable Accounts Receivable Sales Revenue Cash Accounts Receivable Debit 25600 1664 [] 24832 768 256000 256000 Credit 25600 1664 25600 256000 256000

Presented below is information from Novak Computers Incorporated. July 1 10 17 30 Sold $25,600 of computers to Robertson Company with terms 3/15, n/60. Novak uses the gross method to record cash discounts. Novak estimates allowances of $1,664 will be honored on these sales. (Novak records these estimates at point of sale.) Prepare the necessary journal entries for Novak Computers. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) July 1 Novak received payment from Robertson for the full amount owed from the July transactions. Sold $256,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Novak for its purchase of July 17. Date July 10 V July 30 July 17 V Account Titles and Explanation Accounts Receivable Sales Revenue (To record sales revenue.) Sales Returns and Allowances Allowance for Sales Returns and Allowances (To record allowance for sales returns.) Cash Sales Discounts Accounts Receivable Accounts Receivable Sales Revenue Cash Accounts Receivable Debit 25600 1664 [] 24832 768 256000 256000 Credit 25600 1664 25600 256000 256000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Presented below is information from Novak Computers Incorporated. July 1 10 17 30 Sold $25,600 of computers to Robertson Company with terms 3/15, n/60. Novak uses the gross method to record cash discounts. Novak estimates allowances of $1,664 will be honored on these sales. (Novak records these estimates at point of sale.) Prepare the necessary journal entries for Novak Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Novak received payment from Robertson for the full amount owed from the July transactions. Sold $256,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Novak for its purchase of July 17. Date July 1 V July 17 July 10 V July 30 V Account Titles and Explanation Accounts Receivable Sales Revenue (To record sales revenue.) Sales Returns and Allowances Allowance for Sales Returns and Allowances (To record allowance for sales returns.) Cash Sales Discounts Accounts Receivable Accounts Receivable Sales Revenue Cash Accounts Receivable Debit 25600 1664 24832 768 111 14:41 256000 Credit 256000 25600 1664 25600 256000 256000
Transcribed Image Text:Presented below is information from Novak Computers Incorporated. July 1 10 17 30 Sold $25,600 of computers to Robertson Company with terms 3/15, n/60. Novak uses the gross method to record cash discounts. Novak estimates allowances of $1,664 will be honored on these sales. (Novak records these estimates at point of sale.) Prepare the necessary journal entries for Novak Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Novak received payment from Robertson for the full amount owed from the July transactions. Sold $256,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Novak for its purchase of July 17. Date July 1 V July 17 July 10 V July 30 V Account Titles and Explanation Accounts Receivable Sales Revenue (To record sales revenue.) Sales Returns and Allowances Allowance for Sales Returns and Allowances (To record allowance for sales returns.) Cash Sales Discounts Accounts Receivable Accounts Receivable Sales Revenue Cash Accounts Receivable Debit 25600 1664 24832 768 111 14:41 256000 Credit 256000 25600 1664 25600 256000 256000
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