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.