afari File Edit View History Bookmarks Window Help ezto.mheducation. E6-13 Recor

Question

afari File Edit View History Bookmarks Window Help ezto.mheducation. E6-13 Recording Journal Entries for Net Sales with Credit Sales and Sales D During the months of January and February, Solitare Corporation sold goods to three customers. The Jan. 6 Sold goods for $200 to Wizard Inc. with terms 5/10, n/30. The goods cost Solitare $100 28 Sold goods for $110 to Bridges with terms 5/10, n/45. The goods cost Solitare $60. sequence of events was as follows: 6 Sold goods to Spyder Corp. for $140 with terms 5/10, n/30. The goods cost Solitare $90. 4 Collected cash due from Wizard Inc. Feb. 2 Collected cash due from Spyder Corp. Required: Prepare journal entries to record thetransactions, assuming Soltare uses a perpetual inventory system. (f no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 4 8 Record the sales on account of $200 to Wizard Inc. on terms 5/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 6 Record entry Clear entry View general journal 6

Explanation / Answer

Journal Entries Date Accounting titles & Explanations Debit Credit 6-Jan Accounts receivable-Wizard Inc 200 Sales revenue 200 Cost of goods sold 100 Merchandise inventory 100 6-Jan Accounts receivable-Spyder Corp 140 Sales revenue 140 Cost of goods sold 90 Merchandise inventory 90 14-Jan Cash (200*95%) 190 Sales discount 10 Accounts receivable-Wizard inc 200 2-Feb Cash 140 Accounts receivable-Spyder inc 140 28-Feb Accounts receivable-Bridges 110 Sales revenue 110 Cost of goods sold 60 Merchandise inventory 60

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