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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
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 $100 to Wizard Inc. with terms 2/10, n/30; goods cost Solitare $70 | ||
6 | Sold goods to SpyderCorp. for $80 with terms 2/10, n/30; goods cost Solitare $60 | |||
14 | Collected cash due from Wizard Inc. | |||
Feb. | 2 | Collected cash due from SpyderCorp | ||
28 | Sold goods for $50 to Bridges with terms 2/10, n/45; goods cost Solitare $30 |
Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended February 28.
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