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Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company. Both companies use the net method under a perpetual inventory system. Ap 2. Swan Company sold merchandise on account to Bird Company, $54,800, terms FOB shipping point, 2/10, n/30. Swan paid freight of $1,620, which was added to the invoice. The cost of the goods sold was $33,180. 8. Swan Company sold merchandise on account to Bird Company, $48,300, terms FOB destination, 1/15, n/eom. The cost of the goods sold was $25,920. 8. Swan Company paid freight of $1,205 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on account to Bird Company, $66,060, terms FOB shipping point, n/eom. The cost of the goods sold was $37,140. 25. Swan Company paid Bird Company a cash refund of $2,330 for damaged merchandise in the April 8 sale. Bird Company kept the merchandise. 26. Bird Company paid freight of $840 on April 24 purchase from Swan Company. 30. Bird Company paid Swan Company on account for purchase of April 24. Required: 1. Journalize the April transactions for Swan Company (the seller). If an amount box does not require an entry, leave it blank.

Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company. Both companies use the net method under a perpetual inventory system. Ap 2. Swan Company sold merchandise on account to Bird Company, $54,800, terms FOB shipping point, 2/10, n/30. Swan paid freight of $1,620, which was added to the invoice. The cost of the goods sold was $33,180. 8. Swan Company sold merchandise on account to Bird Company, $48,300, terms FOB destination, 1/15, n/eom. The cost of the goods sold was $25,920. 8. Swan Company paid freight of $1,205 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on account to Bird Company, $66,060, terms FOB shipping point, n/eom. The cost of the goods sold was $37,140. 25. Swan Company paid Bird Company a cash refund of $2,330 for damaged merchandise in the April 8 sale. Bird Company kept the merchandise. 26. Bird Company paid freight of $840 on April 24 purchase from Swan Company. 30. Bird Company paid Swan Company on account for purchase of April 24. Required: 1. Journalize the April transactions for Swan Company (the seller). If an amount box does not require an entry, leave it blank.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...
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Date Account Debit Credit Apr. 8 Date Account Debit Credit Apr. 8 Date Account Debit Credit Apr. 8 Date Account Debit Credit Apr. 12 Date Account Debit Credit Apr. 23 Date Account Debit Credit Apr. 24 Date Account Debit Credit Apr. 24 Date Account Debit Credit Apr. 25
Transcribed Image Text:Date Account Debit Credit Apr. 8 Date Account Debit Credit Apr. 8 Date Account Debit Credit Apr. 8 Date Account Debit Credit Apr. 12 Date Account Debit Credit Apr. 23 Date Account Debit Credit Apr. 24 Date Account Debit Credit Apr. 24 Date Account Debit Credit Apr. 25
Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company. Both companies use the net method under a perpetual inventory system. Ap 2. Swan Company sold merchandise on account to Bird Company, $54,800, terms FOB shipping point, 2/10, n/30. Swan paid freight of $1,620, which was added to the invoice. The cost ef the goods sold was $33,180. 8. Swan Company sold merchandise on account to Bird Company, $48,300, terms FOB destination, 1/15, n/eom. The cost of the goods sold was $25,920. 8. Swan Company paid freight of $1,205 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 23. Bird Company paid Swan Company for purchase of April 24. Swan Company sold merchandise on account to Bird Company, $66,060, terms FOB shipping point, n/eom. The cost of the goods sold was $37,140. 25. Swan Company paid Bird Company a cash refund of $2,330 for damaged merchandise in the April 8 sale. Bird Company kept the merchandise. 26. Bird Company paid freight of $840 on April 24 purchase from Swan Company. 30. Bird Company paid Swan Company on account for purchase of April 24. Required: 1. Journalize the April transactions for Swan Company (the seller). If an amount box does not require an htry, leave it blank. Date Account Debit Credit Apr. 2 Date Account Debit Credit Apr. 2 Date Account Debit Credit Apr. 2 Date Account Debit Credit Anr. 8
Transcribed Image Text:Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company. Both companies use the net method under a perpetual inventory system. Ap 2. Swan Company sold merchandise on account to Bird Company, $54,800, terms FOB shipping point, 2/10, n/30. Swan paid freight of $1,620, which was added to the invoice. The cost ef the goods sold was $33,180. 8. Swan Company sold merchandise on account to Bird Company, $48,300, terms FOB destination, 1/15, n/eom. The cost of the goods sold was $25,920. 8. Swan Company paid freight of $1,205 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 23. Bird Company paid Swan Company for purchase of April 24. Swan Company sold merchandise on account to Bird Company, $66,060, terms FOB shipping point, n/eom. The cost of the goods sold was $37,140. 25. Swan Company paid Bird Company a cash refund of $2,330 for damaged merchandise in the April 8 sale. Bird Company kept the merchandise. 26. Bird Company paid freight of $840 on April 24 purchase from Swan Company. 30. Bird Company paid Swan Company on account for purchase of April 24. Required: 1. Journalize the April transactions for Swan Company (the seller). If an amount box does not require an htry, leave it blank. Date Account Debit Credit Apr. 2 Date Account Debit Credit Apr. 2 Date Account Debit Credit Apr. 2 Date Account Debit Credit Anr. 8
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