Business, 19.10.2020 20:01 RickyGotFanz4867

Presented below is information from Headland Computers Incorporated. July 1 Sold $22,600 of computers to Robertson Company with terms 3/15, n/60. Headland uses the gross method to record cash discounts. Headland estimates allowances of $1,334 will be honored on these sales.
10 Headland received payment from Robertson for the full amount owed from the July transactions.
17 Sold $256,100 in computers and peripherals to The Clark Store with terms of 2/10, n/30.
30 The Clark Store paid Headland for its purchase of July 17.

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Answer from: chubbyxturtle

Omitted question-- Prepare the necessary journal entries for Headland computers

Please see answers below

Explanation:

Journal to record sales revenue

Date Account and explanation Debit Credit

July 1st Account receivables $22,600

Sales Revenue $22,600

Journal to record allowances for sales returns

July 1st Sales returns and allowances $1,334

Allowances for sales return and allowances $1,334

Journal to record receipt of cash from Robertson within discount period

July 10 Cash $21,922

Sales discount $678

Account receivables $22,600

Calculation

Discount = 22,600 x 3%= $678

Cash = $22,600 - $678= $21,922

Journal to record sales revenue

July 1`7 Account receivables $256,100

Sales revenue $256,100

Journal to record receipt of cash from Clark within discount period

July 30 Cash $250,978

Sales discount $5,122

Account receivables $256,100

Calculation

Discount = 256,100 x 2%= $5,122

Cash = $256,100 -$5,122= $250,978

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