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Prepare the necessary journal entries for larkspur

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Reference no: EM132750831

The following information pertains to Larkspur Solar Panels, Inc.

July 1 Sold $166,000 of solar panels to Crane Company with terms 2/15, n/30. Larkspur uses the gross method to record cash discounts. Larkspur estimates allowances of $1,500 will be honored on this sale.

July 12 Sold $86,000 of solar panels to Blue Spruce Corp. with terms of 3/10, n/60. Larkspur expects no allowances related to this sale.

July 18 Blue Spruce Corp. paid Larkspur for its July 12 purchase.

July 20 Crane calls to indicate that the panels purchased on July 1 work well, but the color is not quite right. Larkspur grants a credit of $2,000 as compensation.

July 29 Crane Company paid Larkspur for its July 1 purchase.

July 31 Larkspur expects allowances of $4,820 to be grated in the future related to solar panel sales in July.

Problem 1: Prepare the necessary journal entries for Larkspur.

Reference no: EM132750831

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