During the months ot January and February, Solitare Corporation sold goods to th

Question

During the months ot January and February, Solitare Corporation sold goods to three customers. The sequence of events was as follows: Jan. 6 Sold goods for $500 to Wizard Inc. with terms 2/10, n/30. The goods cost Solitare $155. 6 Sold goods to Spyder Corp. for $250 with terms 2/10, n/30. The goods cost Solitare $145. 14 Collected cash due from Wizard Inc. Feb. 2 Collected cash due from Spyder Corp. 28 Sold goods for $220 to Bridges with terms 2/10, n.45. The goods cost Solitare $115. 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.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record the sales on account of $250 to SpyderCorp on terms 2/10, n/30. Note: Enter debits before credits. General Journal Debit Credit Date Jan. 06 Jan. 06 Record entry Clear entry View general journal

Explanation / Answer

Answer

Record the sales on account:

Date Particulars Dr Cr Jan. 06 Accounts receivable $250 sales revenue $250 (Being record sales revenue on term 2/10,n/30) Cast of goods sold $145 Inventory $145 (Being record cost of goods sold)

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