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Prepare journal entries to record the transactions

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Question - During the months of January and February, Solitare Corporation sold goods to three customers. The sequence of events was as follows:

Jan. 6 Sold goods for $200 to Wizard Inc. with terms 3/10, n/30. The goods cost Solitare $85.6 Sold goods to Spyder Corp. for $110 with terms 3/10, n/30. The goods cost Solitare $75.14 Collected cash due from Wizard Inc.Feb. 2 Collected cash due from Spyder Corp.28 Sold goods for $80 to Bridges with terms 3/10, n/45. The goods cost Solitare $45.

Required: Prepare journal entries to record the transactions, assuming Solitare uses a perpetual inventory system.

1) Record the sales on account of $200 to Wizard Inc. on terms 3/10, n/30.

2) Record the cost of goods sold of $85.

3) Record the sales on account of $110 to SpyderCorp on terms 3/10, n/30.

4) Record the cost of goods sold of $75.

5) Record the receipt of payment in full from Wizard Inc.

6) Record the receipt of payment in full from SpyderCorp.

7) Record the sales on account of $80 to Bridges on terms 3/10, n/45.

8) Record the cost of goods sold of $45.

Reference no: EM131738597

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