The following selected transactions were completed during April between Swan Company and Bird Company:Apr.2.Swan Company sold merchandise on account to Bird Company, $14,800, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $330, which was added to the invoice. The cost of the merchandise sold was $9,300.8.Swan Company sold merchandise on account to Bird Company, $23,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $13,800.8.Swan Company paid freight of $820 for delivery of merchandise sold to Bird Company on April 8.12.Bird Company paid Swan Company for purchase of April 2.18.Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise.23.Bird Company paid Swan Company for purchase of April 8.24.Swan Company sold merchandise on account to Bird Company, $11,800, terms FOB shipping point, n/45. The cost of the merchandise sold was $7,100.26.Bird Company paid freight of $450 on April 24 purchase from Swan Company.30.Swan Company granted a customer allowance (credit memo) to Bird Company for $11,300 for merchandise that was returned from the August 24 purchase. The cost of the merchandise returned was $6,500. DateAccountDebitCreditApr.23Cash23,800Sales Discounts23,800DateAccountDebitCreditApr.24- Accounts Receivable-Bird Company11,800saleSales11,800DateAccountDebitCreditApr.24- Cost of Merchandise Sold7,100costMerchandise Inventory7,100DateAccountDebitCreditApr.Customer Refunds Payable3011,300Accounts Receivable-Bird Company11,300DateAccountDebitCreditAprг.Cash6,50030Merchandise Inventory6,500 2. Journalize the April transactions for Swan Company (the seller).DateAccountDebitCreditApr.2-Accounts Recelvable-Bird Company14,800saleCash14,800DateAccountDebitCreditApr.2-Accounts Receivable-Bird Company330freightCash330DateAccountDebitCreditApr.2-Cost of Merchandise Sold9,300costMerchandise Inventory9,300DateAccountDebitCreditApr.8-Accounts Receivable-Bird Company23,000saleSales23,000DateAccountDebitCreditApr.8-Cost of Merchandise Sold13,800costMerchandise Inventory13,800DateAccountDebitCreditApr.8-Delivery Expense820freightCash820DateAccountDebitCreditАpr. 12Sales14,800Accounts Receivable-Bird Company14,800DateAccountDebitCreditApr.Merchandise Iventory2,00018Merchandise Inventory2,000

COST OF GOODS SOLD: Cost of Goods Sold refers to an income statement account that summates all the…

The following selected transactions were completed during April between Swan Company and Bird Company: Apr.2. Swan Company sold merchandise on account to Bird Company, $14,800, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $330, which was added to the invoice. The cost of the merchandise sold was $9,300. 8. Swan Company sold merchandise on account to Bird Company, $23,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $13,800. 8. Swan Company paid freight of $820 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 18. Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on account to Bird Company, $11,800, terms FOB shipping point, n/45. The cost of the merchandise sold was $7,100. 26. Bird Company paid freight of $450 on April 24 purchase from Swan Company. 30. Swan Company granted a customer allowance (credit memo) to Bird Company for $11,300 for merchandise that was returned from the August 24 purchase. The cost of the merchandise returned was $6,500.

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 during April between Swan Company and Bird Company:

Apr.2.	Swan Company sold merchandise on account to Bird Company, $14,800, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $330, which was added to the invoice. The cost of the merchandise sold was $9,300.
8.	Swan Company sold merchandise on account to Bird Company, $23,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $13,800.
8.	Swan Company paid freight of $820 for delivery of merchandise sold to Bird Company on April 8.
12.	Bird Company paid Swan Company for purchase of April 2.
18.	Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise.
23.	Bird Company paid Swan Company for purchase of April 8.
24.	Swan Company sold merchandise on account to Bird Company, $11,800, terms FOB shipping point, n/45. The cost of the merchandise sold was $7,100.
26.	Bird Company paid freight of $450 on April 24 purchase from Swan Company.
30.	Swan Company granted a customer allowance (credit memo) to Bird Company for $11,300 for merchandise that was returned from the August 24 purchase. The cost of the merchandise returned was $6,500.

Date
Account
Debit
Credit
Apr.
23
Cash
23,800
Sales Discounts
23,800
Date
Account
Debit
Credit
Apr.
24- Accounts Receivable-Bird Company
11,800
sale
Sales
11,800
Date
Account
Debit
Credit
Apr.
24- Cost of Merchandise Sold
7,100
cost
Merchandise Inventory
7,100
Date
Account
Debit
Credit
Apr.
Customer Refunds Payable
30
11,300
Accounts Receivable-Bird Company
11,300
Date
Account
Debit
Credit
Aprг.
Cash
6,500
30
Merchandise Inventory
6,500

2. Journalize the April transactions for Swan Company (the seller).
Date
Account
Debit
Credit
Apr.
2-
Accounts Recelvable-Bird Company
14,800
sale
Cash
14,800
Date
Account
Debit
Credit
Apr.
2-
Accounts Receivable-Bird Company
330
freight
Cash
330
Date
Account
Debit
Credit
Apr.
2-
Cost of Merchandise Sold
9,300
cost
Merchandise Inventory
9,300
Date
Account
Debit
Credit
Apr.
8-
Accounts Receivable-Bird Company
23,000
sale
Sales
23,000
Date
Account
Debit
Credit
Apr.
8-
Cost of Merchandise Sold
13,800
cost
Merchandise Inventory
13,800
Date
Account
Debit
Credit
Apr.
8-
Delivery Expense
820
freight
Cash
820
Date
Account
Debit
Credit
Аpr. 12
Sales
14,800
Accounts Receivable-Bird Company
14,800
Date
Account
Debit
Credit
Apr.
Merchandise Iventory
2,000
18
Merchandise Inventory
2,000

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