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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.

Accounting Basics, Accounting

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