Using the information in E6-10, prepare journal entries to record the transactions, assuming Solitare records discounts using the net method in a perpetual inventory system. Forfeited discounts are recorded as Other Revenue.

Data from E6-10:

During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows:

Jan. 6    Sold goods for $100 to Wizard Inc. with terms 2/30, n/60. The goods cost Solitare $70.

6          Sold goods to Spyder Corp. for $80 with terms 5/10, n/60. The goods cost Solitare $60.

14        Collected cash for the amount due from Wizard Inc.

Feb.28 Collected cash for the amount due from Spyder Corp.