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Prepare the necessary journal entries for lopez computers

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Question - Presented below is information from Lopez Computers Incorporated.

July 1 Sold $26,700 of computers to Smallwood Company with terms 2/15, n/60. Lopez uses the gross method to record cash discounts.

July 10 Lopez received payment from Smallwood for the full amount owed from the July transactions.

July 17 Sold $237,300 in computers and peripherals to The Clark Store with terms of 1/10, n/30.

July 30 The Clark Store paid Lopez for its purchase of July 17.

Prepare the necessary journal entries for Lopez Computers.

Reference no: EM131942175

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