Presented below is information from Windsor Computers Incorporated. Prepare the

Question

Presented below is information from Windsor Computers Incorporated.

Prepare the necessary journal entries for Windsor Computers. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

(To record sales revenue.)

(To record allowance for sales returns.)

July 10

July 1 Sold $24,600 of computers to Robertson Company with terms 2/15, n/60. Windsor uses the gross method to record cash discounts. Windsor estimates allowances of $1,366 will be honored on these sales. 10 Windsor received payment from Robertson for the full amount owed from the July transactions. 17 Sold $234,200 in computers and peripherals to The Clark Store with terms of 1/10, n/30. 30 The Clark Store paid Windsor for its purchase of July 17.

Explanation / Answer

Date Account Title and explanation Debit Credit 1st July Robertson Company-Accounts Receivable      24,600.00 Sales      24,600.00 (to record sleas revenue) Sales Allowances        1,366.00 Robertson Company-Accounts Receivable        1,366.00 (Being allowances recorded) 10th July Cash/Bank      23,234.00 Robertson Company-Accounts Receivable      23,234.00 (Being amount received) 17th July The Clark Store-Accounts Receivable    234,200.00 Sales    234,200.00 (to record sleas revenue) 30th July Cash/Bank    234,200.00 The Clark Store-Accounts Receivable    234,200.00 (Being amount received)

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