presented below is information from lopez computers incorporated 566151

July 1

Sold $30,000 of computers to Smallwood Company with terms 3/15, n/60. Lopez uses the gross
method to record cash discounts.

10

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

17

Sold $250,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30.

30

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