Presented below is information from Quezada Computers Incorporated.
July 1 Sold $10,000 of computers to Robertson Company with terms 2/15, n/60. Quezada uses the gross method to record cash discounts.
10 Quezada received payment from Robertson for the full amount owed from the July 1 transaction.
17 Sold $100,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30.
30 The Clark Store paid Quezada for its purchase of July 17.
Instructions
Prepare the necessary journal entries for Quezada Computers.