Question: Using the information in E6-12, prepare journal entries to record the transactions, assuming Soli-tare uses a perpetual inventory system. Info E6-12 Jan. 6 Sold goods

Using the information in E6-12, prepare journal entries to record the transactions, assuming Soli-tare uses a perpetual inventory system.
Info E6-12
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.

Step by Step Solution

★★★★★

3.32 Rating (170 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Jan 6 Accounts Receivable 100 Sales Revenue 100 Cost of Goods Sold 70 Inventory ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

577-B-A-F-A-F (705).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Using the information in E6-16, prepare journal entries to record the transactions, assuming Bears Retail Store uses a perpetual inventory system. Info E6-16 Nov. 20 Sold two items of merchandise to...

Using the information in E6-14, prepare journal entries to record the transactions, assuming Ever-green Company uses a perpetual inventory system. Info E6-14 15 Sold merchandise to Claudios Chair...

Using the information in E6-13, prepare journal entries to record the transactions, assuming Bear's Retail Store uses a perpetual inventory system. Information From E6-13 Nov. 20 Sold two items of...

Using the information in E6-9, prepare journal entries to record the transactions, assuming Solitare uses a perpetual inventory system. Information From E6-9 Jan. 6 Sold goods for $100 to Wizard Inc....

Using the information in E7-13, prepare journal entries to record the transactions, assuming Axe uses a perpetual inventory system. E7-13 Jan. 6 Purchased goods for $1,200 from Green with terms 2/10,...

Using the information in E6-10, prepare journal entries to record the transactions, assuming Solitare records discounts using the gross method in a perpetual inventory system. Data From E6-10 During...

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...

please help, thanks. 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....

Using the information in E6-7, prepare journal entries to record the transactions, assuming Axe uses a perpetual inventory system. Info E6-7 Jan. 6 Purchased goods for $ 1,200 from Green with terms...

The variable manufacturing costs per unit of BigScreen Corporation are: 1. Prepare income statements for BigScreen in January, February, and March of 2009 under throughput costing. 2. Contrast the...

What are the primary provisions of the 1992 COSO Report? The 2004 COSO Report?

4. In Process Planning we plan: (a) Different machines required, ( ) (b) Different operations required, ( ) ( c) We plan the flow of material in each department, ( ) (d) We design the product. ( )

A Hispanic fiesta funded by a food company is an example of (A) sponsorship marketing (B) cause-related marketing (C) green marketing (D) event marketing (E) guerrilla marketing

Nicole thinks that her business, Nicoles Getaway Spa (NGS), is doing really well and she is planning a large expansion. With such a large expansion, Nicole will need to finance some of it using debt....

Identify and explain four important dates with respect to dividends.

Netpass Company has 300,000 shares of common stock authorized, 270,000 shares issued, and 100,000 shares of treasury stock. The companys board of directors declares a dividend of $1 per share of...

Say your income is $ 1 0 0 K . Given the following tax brackets, what is your effective tax rate? Taxrate Taxable Income ( Single ) . 1 0 % 1 2 % $ 1 1 , 0 0 1 to $ 4 4 , 7 2 5 $ 4 4 , 7 2 6 to $ 9 5...

You own a portfolio that has 2,920 shares of stock A, which is priced at $17.50 per share and has an expected return of 10.11%, and 2,786 shares of stock B, which is priced at $9.00 per share and has...

1) All of the following industries have traditionally supported high leverage levels EXCEPT: a. Cable b. Gaming c. Industrials d. Technology 2) If a PE firm contributes $501.469 million of equity to...