Information related to Novak Co. is presented below.1. On April 5, purchased merchandise on account from Kingbird Company for $31,400, terms 2/10, net/30, FOB shipping point.2. On April 6, paid freight costs of $810 on merchandise purchased from Kingbird.3. On April 7, purchased equipment on account for $31,000.4. On April 8, returned $4,400 of merchandise to Kingbird Company.5. On April 15, paid the amount due to Kingbird Company in full. Prepare the journal entries to record these transactions on the books of Novak Co. under a perpetual inventory system. (List alldebit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Ifno entry is required, select "No Entry" for the account titles and enter O for the amounts.)No.DateAccount Titles and ExplanationDebitCred1.2.3.4.eTextbook and MediaList of AccountsSave for Later(b)Assume that Novak Co. paid the balance due to Kingbird Company on May 4 instead of April 15. Prepare the journal entry torecord this payment. (List all debit entries before credit entries. Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Date Account Titles and ExplanationDebitCreditMay 4>>5.

Name: Information related to Novak Co. is presented below.1. On April 5, pur
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Description: Information related to Novak Co. is presented below.1. On April 5, purchased merchandise on account from Kingbird Company for $31,400, terms 2/10, net/30, FOB shipping point.2. On April 6, paid freight costs of $810 on merchandise purchased from King

a) Books of Novak Co. Journal entries Under Perpetual inventory system No. Date Account Title…

Answered: April 5, purchased merchandise on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Information related to Novak Co. is presented below.

1.		On April 5, purchased merchandise on account from Kingbird Company for $31,400, terms 2/10, net/30, FOB shipping point.
2.		On April 6, paid freight costs of $810 on merchandise purchased from Kingbird.
3.		On April 7, purchased equipment on account for $31,000.
4.		On April 8, returned $4,400 of merchandise to Kingbird Company.
5.		On April 15, paid the amount due to Kingbird Company in full.

Prepare the journal entries to record these transactions on the books of Novak Co. under a perpetual inventory system. (List all
debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If
no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
No.
Date
Account Titles and Explanation
Debit
Cred
1.
2.
3.
4.
eTextbook and Media
List of Accounts
Save for Later
(b)
Assume that Novak Co. paid the balance due to Kingbird Company on May 4 instead of April 15. Prepare the journal entry to
record this payment. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Date Account Titles and Explanation
Debit
Credit
May 4
>
>
5.

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