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 $550 to Wizard Inc. with terms 2/30, n/60. The goods cost Solitare $165.     6   Sold goods to Spyder Corp. for $270 with terms 1/10, n/60. The goods cost Solitare $155.     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.)

The following transactions were selected from among those completed by Bennett Retailers in November and December: November 20 November 25 November 28 November 29 December 6 December 20 Required: Sold 20 items of merchandise to Customer B at an invoice price of $5,700 (total); terms 2/10, n/30. Sold two items of merchandise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 3 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms 2/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer B paid in full for the invoice of November 20. Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. Note: Do not round your…

During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $7,700 from Diamond Incorporated with terms 2/10, n/30. June 5 Returned goods costing $2,900 to Diamond Incorporated for credit on account. June 6 Purchased goods from Club Corporation for $2,800 with terms 2/10, n/30. June 11 Paid the balance owed to Diamond Incorporated. June 22 Paid Club Corporation in full. Required: Prepare journal entries to record the transactions, assuming Ace 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 No 1 2 3 4 5 Date June 03 June 05 June 06 June 11 June 22 View journal entry worksheet Inventory Accounts Payable Accounts Payable Inventory Inventory Accounts Payable Accounts Payable Cash Accounts Payable Cash General Journal Debit 7,700 2,900 2,800 7,546…

[The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $2,708, terms 2/10, n/38. May 3 Pays cash for freight costs of $140 on books purchased from Readers. May 5 Returns books with a cost of $250 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5) for $3,400 on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is requi transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record purchase of books on account from Readers Wholesale for $2,700, terms 2/10, n/30. Note: Enter debits before credits. Date May 02 General Journal Debit Credit