Question

Record the sales on account of $300 to Wizard Inc. on terms 5/10, n/30.

2Record the cost of goods sold of $170.

3Record the sales on account of $280 to SpyderCorp on terms 5/10, n/30.

4Record the cost of goods sold of $160.

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

6Record the receipt of payment in full from SpyderCorp.

7Record the sales on account of $250 to Bridges on terms 5/10, n/45.

8Record the cost of goods sold of $130.

Answer 1

• Journal entry to record as asked are provided below:

Transaction No.	Accounts titles	Debit	Credit
1	Accounts receivables	$                       300.00
	Sales Revenue		$           300.00
	(sales on account)
2	Cost of Goods Sold	$                       170.00
	Inventory		$           170.00
	(cost of Goods Sold recorded)
3	Accounts receivables	$                       280.00
	Sales Revenue		$           280.00
	(sales on account)
4	Cost of Goods Sold	$                       160.00
	Inventory		$           160.00
	(cost of Goods Sold recorded)
5	Cash	$                       300.00
	Accounts receivables		$           300.00
	(Cash received from Wizard Inc in full-after discount period)
6	Cash	$                       280.00
	Cost of Goods Sold		$           280.00
	(Cash received from Spyder Corp in full-after discount period)
7	Accounts receivables	$                       250.00
	Sales Revenue		$           250.00
	(sales on account)
8	Cost of Goods Sold	$                       130.00
	Inventory		$           130.00
	(cost of Goods Sold recorded)