This information relates to Kingbird Co. 1. On April 5, purchased merchandise from Blossom Company for $25,000, terms 2/10, n/30. 2. On April 6, paid freight costs of $500 on merchandise purchased from Blossom. 3. On April 7, purchased equipment on account for $30,000. 4. On April 8, returned $3,500 of April 5 merchandise to Blossom Company. 5. On April 15, paid the amount due to Blossom Company in full. (a)Prepare the journal entries to record the transactions listed above on Kingbird Co.’s books. Kingbird 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 enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 2. choose a transaction date April 5April 6April 7April 8April 15May 4 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 3. choose a transaction date April 5April 6April 7April 8April 15May 4 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 4. choose a transaction date April 5April 6April 7April 8April 15May 4 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 5. choose a transaction date April 5April 6April 7April 8April 15May 4 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (b)Assume that Kingbird Co. paid the balance due to Blossom Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (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.) Date Account Titles and Explanation Debit Credit May 4 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount

This information relates to Kingbird Co. 1. On April 5, purchased merchandise from Blossom Company for $25,000, terms 2/10, n/30. 2. On April 6, paid freight costs of $500 on merchandise purchased from Blossom. 3. On April 7, purchased equipment on account for $30,000. 4. On April 8, returned $3,500 of April 5 merchandise to Blossom Company. 5. On April 15, paid the amount due to Blossom Company in full. (a)Prepare the journal entries to record the transactions listed above on Kingbird Co.’s books. Kingbird 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 enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 2. choose a transaction date April 5April 6April 7April 8April 15May 4 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 3. choose a transaction date April 5April 6April 7April 8April 15May 4 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 4. choose a transaction date April 5April 6April 7April 8April 15May 4 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 5. choose a transaction date April 5April 6April 7April 8April 15May 4 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (b)Assume that Kingbird Co. paid the balance due to Blossom Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (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.) Date Account Titles and Explanation Debit Credit May 4 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount

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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Question

This information relates to Kingbird Co.

1.		On April 5, purchased merchandise from Blossom Company for $25,000, terms 2/10, n/30.
2.		On April 6, paid freight costs of $500 on merchandise purchased from Blossom.
3.		On April 7, purchased equipment on account for $30,000.
4.		On April 8, returned $3,500 of April 5 merchandise to Blossom Company.
5.		On April 15, paid the amount due to Blossom Company in full.

(a)

Prepare the journal entries to record the transactions listed above on Kingbird Co.’s books. Kingbird 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	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
2.	choose a transaction date April 5April 6April 7April 8April 15May 4	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
3.	choose a transaction date April 5April 6April 7April 8April 15May 4	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
4.	choose a transaction date April 5April 6April 7April 8April 15May 4	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
5.	choose a transaction date April 5April 6April 7April 8April 15May 4	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount

(b)

Assume that Kingbird Co. paid the balance due to Blossom Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (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.)

Date	Account Titles and Explanation	Debit	Credit
May 4	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

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