Presented below is information from Waterway Computers Incorporated.
July 1 Sold $28,200 of computers to Robertson Company with terms 3/15, n/60. Waterway uses the gross method to record cash discounts. Waterway estimates allowances of $1,173 will be honored on these sales.
10 Waterway received payment from Robertson for the full amount owed from the July transactions.
17 Sold $203,600 in computers and peripherals to The Clark Store with terms of 2/10, n/30.
30 The Clark Store paid Waterway for its purchase of July 17.
Prepare the necessary journal entries for Waterway Computers (If no entry is require, 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).