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. The goods cost Solitare $70.
6	Sold goods to Spyder Corp. for $80 with terms 2/10, n/30. The goods cost Solitare $60.
14	Collected cash due from Wizard Inc.
Feb. 2	Collected cash due from Spyder Corp.
28	Sold goods for $50 to Bridges with terms 2/10, n/45. The goods cost Solitare $30.

Required:

Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended February 28.

1.Record the inventory purchased of $1,200 on account from Green with terms 2/10, n/30.

2.Record the inventory purchased of $900 on account from Munoz with terms 2/10, n30.

3.Record the payment in full for the inventory to Green.

4.Record the payment in full for the inventory to Munoz.

5.Record the inventory purchased of $350 on account from Reynolds with terms 2/10, n/45.

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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 for $100 to Wizard Inc. with terms 2/10, n/30. The goods cost Solitare $70.
6	Sold goods to Spyder Corp. for $80 with terms 2/10, n/30. The goods cost Solitare $60.
14	Collected cash due from Wizard Inc.
Feb. 2	Collected cash due from Spyder Corp.
28	Sold goods for $50 to Bridges with terms 2/10, n/45. The goods cost Solitare $30.

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.)

1. Record the sales on account of $100 to Wizard Inc. on terms 2/10, n/30.

2. Record the cost of goods sold of $70.

Record the sales on account of $80 to SpyderCorp on terms 2/10, n/30.

3. Record the sales on account of $80 to SpyderCorp on terms 2/10, n/30.

4. Record the cost of goods sold of $60.

5. Record the receipt of payment in full from Wizard Inc.

6. Record the receipt of payment in full from SpyderCorp.

Record the sales on account of $50 to Bridges on terms 2/10, n/45.

7. Record the sales on account of $50 to Bridges on terms 2/10, n/45.

8. Record the cost of goods sold of $30.