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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 $200 to Wizard Inc. with terms 3/30, n/60. The goods cost Solitare $85. 6 Sold goods to Spyder Corp. for $110 with terms 2/10, n/60. The goods cost Solitare $75. 14 Collected cash for the amount due from Wizard Inc. Feb. 28 Collected cash for the amount due from Spyder Corp. Required: Prepare journal entries to record the transactions, assuming Solitare records discounts using the gross method in 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 Record the cost of goods sold of $85. Journal entry worksheet Record the cost of goods sold of $75. Note: Enter debits before credits. Journal entry worksheet Record the receipt of payment in full from Wizard Inc. Note: Enter debits before credits. Journal entry worksheet
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