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