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

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 $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 14Collected 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 2 4 6 8 Record the receipt of payment in full from Wizard Inc. Note: Enter debits before credits Date General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

14-Jan Cash 490 Sales discount 10 =500*2%         Accounts Receivable-Wizard Inc. 500

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