Reference no: EM133036482

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 $400 to Wizard Inc. with terms 3/10, n/30. The goods cost Solitare $120. 6 Sold goods to Spyder Corp. for $180 with terms 3/10, n/30. The goods cost Solitare $110. 14 Collected cash due from Wizard Inc. Feb. 2 Collected cash due from Spyder Corp. 28 Sold goods for $150 to Bridges with terms 3/10, n/45. The goods cost Solitare $80. Required: Prepare journal entries to record the transactions, assuming Solitare uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Journal entry worksheet

-Record the sales on account of $400 to Wizard Inc. on terms 3/10, n/30.

-Record the cost of goods sold of $120.

-Record the sales on account of $180 to SpyderCorp on terms 3/10, n/30.

-Record the cost of goods sold of $110.

-Record the receipt of payment in full from Wizard Inc.

-Record the receipt of payment in full from SpyderCorp.

-Record the sales on account of $150 to Bridges on terms 3/10, n/45.

-Record the cost of goods sold of $80.