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Swifty Inc. uses a perpetual inventory system. During April, the following transactions occurred. Apr. 3 Purchased $4,200 of merchandise, terms 3/10, n/60. 6 Returned $1,400 of the merchandise purchased on April 3. 7 Paid freight charges of $370 on goods purchased on April 3. 12 Paid for the goods purchased on April 3. 13 Sold goods costing $820 on credit for $3,200. Estimated returns are 10%. 14 The customer of April 13 returned $520 of the goods that had a cost of $400. 23 Received payment in full from the customer of April 13. Prepare journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account title amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record jou order presented in the problem. List all debit before

Swifty Inc. uses a perpetual inventory system. During April, the following transactions occurred. Apr. 3 Purchased $4,200 of merchandise, terms 3/10, n/60. 6 Returned $1,400 of the merchandise purchased on April 3. 7 Paid freight charges of $370 on goods purchased on April 3. 12 Paid for the goods purchased on April 3. 13 Sold goods costing $820 on credit for $3,200. Estimated returns are 10%. 14 The customer of April 13 returned $520 of the goods that had a cost of $400. 23 Received payment in full from the customer of April 13. Prepare journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account title amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record jou order presented in the problem. List all debit before

FINANCIAL ACCOUNTING
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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Swifty Inc. uses a perpetual inventory system. During April, the following transactions occurred. Apr. 3 Purchased $4,200 of merchandise, terms 3/10, n/60. 6 Returned $1,400 of the merchandise purchased on April 3. 7 Paid freight charges of $370 on goods purchased on April 3. 12 Paid for the goods purchased on April 3. 13 Sold goods costing $820 on credit for $3,200. Estimated returns are 10%. 14 The customer of April 13 returned $520 of the goods that had a cost of $400. 23 Received payment in full from the customer of April 13. Prepare journal entries to record the above transactions. (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 the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Transcribed Image Text:Swifty Inc. uses a perpetual inventory system. During April, the following transactions occurred. Apr. 3 Purchased $4,200 of merchandise, terms 3/10, n/60. 6 Returned $1,400 of the merchandise purchased on April 3. 7 Paid freight charges of $370 on goods purchased on April 3. 12 Paid for the goods purchased on April 3. 13 Sold goods costing $820 on credit for $3,200. Estimated returns are 10%. 14 The customer of April 13 returned $520 of the goods that had a cost of $400. 23 Received payment in full from the customer of April 13. Prepare journal entries to record the above transactions. (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 the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
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