Information related to Swifty Co. is presented below.12.3.5.On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10, net/30, FOB shipping point.On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird.On April 7, purchased equipment on account for $29,200.On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returnedmerchandise.On April 15 paid the amount due to Mockingbird Company in full. Assume that Swifty Co. paid the balance due to Mockingbird Company on May 4 instead of April 15. Prepare the journal entry torecord this payment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debitentry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Date Account Titles and ExplanationMay 4DebitCredit

Journal Entry :— It is an act of recording transactions in books of account when the transaction occurred. General Rules :—Debit the receiver, credit the giver.Debit what comes in, credit what goes out.Debit all expenses & losses, credit all income & gains.2/10, Net 30 Means 2% Discount On Net Purchase If Buyer Pays Due Within 10 Days. Otherwise, The Total Invoice Amount Is Due Within 30 Days.Working Note -Calculation Of The Net Purchases -Accounts Payable = ($20,200 - $4,900) = $15,3002/10, Net 30 Means 2% Discount On Net Purchase If Buyer Pays Due Within 10 Days. Otherwise, The Total Invoice Amount Is Due Within 30 Days.Assuming That Swifty Co. paid The Balance Due To Mockingbird Company On May 4 Instead Of April 15. Preparing The Journal Entry To Record This Payment - DateAccount Titles And ExplanationDebitCreditMay. 4Accounts Payable$15,300 Cash$15,300(To Record Paid The Amount Due To Mockingbird Company)

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Information related to Swifty Co. is presented below. 1 2. 3. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10, ne On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April & returned damaged merchandise to Mockingbird Company and was granted a $4.9

Information related to Swifty Co. is presented below. 1 2. 3. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10, ne On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April & returned damaged merchandise to Mockingbird Company and was granted a $4.9

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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The following selected transactions were completed by Capers Company during October of the current year:Oct. 1. Purchased merchandise from UK Imports Co., $14,448, terms FOB destination, n/30.3. Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice.4. Purchased merchandise from Taco Co., $13,650, terms FOB destination, 2/10, n/30.6. Issued debit memo to Taco Co. for $4,550 of merchandise returned frompurchase on October 4.Oct. 13. Paid Hoagie Co. for invoice of October 3.14. Paid Taco Co. for invoice of October 4 less debit memo of October 6.19. Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, n/eom.19. Paid freight of $400 on October 19 purchase from Veggie Co.20. Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination, 1/10, n/30.30. Paid Caesar Salad Co. for invoice of October 20.31. Paid UK Imports Co. for invoice of October 1.31. Paid Veggie Co. for invoice…
This information relates to Windsor Co. 1. On April 5, purchased merchandise on account from Wildhorse Company for $25,100, terms 2/10, n/30. 2. On April 6, paid freight costs of $530 on merchandise purchased from Wildhorse. 3. On April 7, purchased equipment on account for $32,500. 4. On April 8, returned $3,600 of April 5 merchandise to Wildhorse Company. 5. On April 15, paid the amount due to Wildhorse Company in full. (a) Prepare the journal entries to record the transactions listed above on Windsor Co.'s books. Windsor Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
This information relates to Sage Hill Co. 1. On April 5, purchased merchandise from Oriole Company for $27,900, terms 4/10, n/30. 2. On April 6, paid freight costs of $520 on merchandise purchased from Oriole. 3. On April 7, purchased equipment on account for $32,700. 4. On April 8, returned $4,800 of April 5 merchandise to Oriole Company. 5. On April 15, paid the amount due to Oriole Company in full. (a)Prepare the journal entries to record the transactions listed above on Sage Hill Co.’s books. Sage Hill Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date April 5April 6April 7April 8April 15May 4 enter an account title…
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Zorzi Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts On July 1, Zorzi purchased $60,000 inventory, terms 2/10, n/30 FOB shipping point Zorzi paid freight costs of $1,200 On July 3, Zorzi returned damaged goods and received a credit of $6,000. On July 10 Zorzi paid for the goods. Prepare the Journal Entries for the Freight Costs O Freight-in Cash $1,200 S1,200 O Purchases $1,200 Cash S1,200 O Inventory $1,200 Cash $1 200 Cash $1.200 Freight-in $1.200
Petra Co. returned defective goods costing $25,000 to Irbid Company on April 19, for credit. The goods were purchased April 10, on credit, terms 3/10, n/30. The entry by Petra Co. on April 19, in receiving full credit is(using perpetual system) Accounts Payable........................ 25,000 Purchase Discounts.............................750 Merchandise Inventory........................24,250 Accounts Payable............................25,000 Merchandise Inventory......................... 750 Cash....................................................24,250 Accounts Payable................................. 25,000 Merchandise Inventory.............................. 750 Cash.................................... 5,750 Accounts Payable............................... 25,000 Merchandise Inventory............................25,000
Summit Company and Beartooth Co.: Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, n/15. The cost of the goods sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000. 9 Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n/45. Summit paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000. 16 Beartooth Co. paid Summit Company for purchase of August 1. 20 Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co. kept the merchandise. 31 Beartooth Co. paid Summit Company on…
The following transactions are for Wildhorse Company. 1. On December 3, Wildhorse Company sold $584,300 of merchandise to Swifty Co., on account, terms 2/10, n/30, FOB destination. Wildhorse paid $370 for freight charges. The cost of the merchandise sold was $359,300. 2. On December 8, Swifty Co. was granted an allowance of $21,300 for merchandise purchased on December 3. 3. On December 13, Wildhorse Company received the balance due from Swifty Co. 1. Prepare the journal entries to record these transactions on the books of Wildhorse Company using a perpetual inventory system 2. Assume that Wildhorse Company received the balance due from Swifty Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.
This information relates to Wildhorse Co.
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This information relates to Swifty Corporation. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Blue Spruce Inc. for $30,500, terms 2/10, n/30. On April 6, paid freight costs of $1,140 on merchandise purchased from Blue Spruce. On April 7, purchased equipment on account for $36,600. On April 8, returned some of April 5 merchandise to Blue Spruce that cost $4,900. On April 15, paid the amount due to Blue Spruce in full. Swifty uses a periodic inventory system. Prepare the journal entries to record the transactions listed above on the books of Swifty Corporation. (Credit account titles are automatically indented when the 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. Round answers to the nearest whole dollar, e.g. 5,725. List all debit entries before credit entries.) Date Account Titles and Explanation Debit DOOT Credit