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During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows: January 6 Sold goods
During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows: January 6 Sold goods for $100 to Wizard Incorporated with terms 2/30,n/60. The goods cost Solitare $70. January 6 Sold goods to Spyder Corporation for $80 with terms 5/10, n/60. The goods cost Solitare $60. January 14 collected cash for the amount due from Wizard Incorporated February 28 collected cash for the amount due from Spyder Corporation Required: 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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