FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Presented below is information from Culver Computers Incorporated.
July 1
Sold $14,100 of computers to Larkspur Company with terms 3/15, n/60. Culver uses the gross method to record cash
discounts.
10
Culver received payment from Larkspur for the full amount owed from the July 1 transaction.
17
Sold $108,100 in computers and peripherals to The Clark Store with terms of 3/10, n/30.
30
The Clark Store paid Culver for its purchase of July 17.
Prepare the necessary journal entries for Culver Computers. (Credit account titles are automatically indented when the amount
is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the
amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
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Transcribed Image Text:Presented below is information from Culver Computers Incorporated. July 1 Sold $14,100 of computers to Larkspur Company with terms 3/15, n/60. Culver uses the gross method to record cash discounts. 10 Culver received payment from Larkspur for the full amount owed from the July 1 transaction. 17 Sold $108,100 in computers and peripherals to The Clark Store with terms of 3/10, n/30. 30 The Clark Store paid Culver for its purchase of July 17. Prepare the necessary journal entries for Culver Computers. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
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