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Wildhorse Corp uses a perp ory rystem. The company had the following inventory transactions in April April 3 Purchased meth se from Swifty Ltd for $32000 terms 2/10,30, FO shipping point The appropriate company paid freight costs of $450 on the merchandis purchased on April 3 Purchased suppies on account for $55,600 Returned merchandoe to Swity and received a credit of $3.000 The merch future resalk Paid the amount due to ity in ful 30 Additional information 1 2 3 The cost of the merchandise sold on April Jwas $21,800 The cost of the merchandise April was $1950 Swifty uses a perpetual inventory system Record the transactions in the books of Switty Cedit account des out required select "No Entry presented in the problem. List all debit entries before credit Date Account Titles and Explanation (To record credit sale (To record cost of merchandise sokd (To record return of good ly indented when the amount is entered Do not indent sunt titles and enter Ofor the amounts Record joumal entries order entory for Debit Credit 100000

Wildhorse Corp uses a perp ory rystem. The company had the following inventory transactions in April April 3 Purchased meth se from Swifty Ltd for $32000 terms 2/10,30, FO shipping point The appropriate company paid freight costs of $450 on the merchandis purchased on April 3 Purchased suppies on account for $55,600 Returned merchandoe to Swity and received a credit of $3.000 The merch future resalk Paid the amount due to ity in ful 30 Additional information 1 2 3 The cost of the merchandise sold on April Jwas $21,800 The cost of the merchandise April was $1950 Swifty uses a perpetual inventory system Record the transactions in the books of Switty Cedit account des out required select "No Entry presented in the problem. List all debit entries before credit Date Account Titles and Explanation (To record credit sale (To record cost of merchandise sokd (To record return of good ly indented when the amount is entered Do not indent sunt titles and enter Ofor the amounts Record joumal entries order entory for Debit Credit 100000

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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Wildhorse Corp uses a perpetual inventory system. The company had the following inventory transactions in April April 3 Purchased merchandise from Swifty Ltd for $32,000 terms 2/10, n/30, FOB shipping point The appropriate company paid freight costs of $650 on the merchandise purchased on April 3 Purchased supplies on account for $5,600 Returned merchandoe to Swity and received a credit of $3.000 The merchandise was returned to inventory for future resale Paid the amount due to Swifty in full 6 30 Additional information 1 2 3 The cost of the merchandise sold on April 3 was $21,800 The cost of the merchandise returned on April Bwas $1.950 Swifty uses a perpetual inventory system Record the transactions in the books of Swifty (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 Ofor the amounts Record joumal entries in the order presented in the problem. List oll debit entries before credit entries Date Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) (To record return of goods) Debit Credit 111001
Transcribed Image Text:Wildhorse Corp uses a perpetual inventory system. The company had the following inventory transactions in April April 3 Purchased merchandise from Swifty Ltd for $32,000 terms 2/10, n/30, FOB shipping point The appropriate company paid freight costs of $650 on the merchandise purchased on April 3 Purchased supplies on account for $5,600 Returned merchandoe to Swity and received a credit of $3.000 The merchandise was returned to inventory for future resale Paid the amount due to Swifty in full 6 30 Additional information 1 2 3 The cost of the merchandise sold on April 3 was $21,800 The cost of the merchandise returned on April Bwas $1.950 Swifty uses a perpetual inventory system Record the transactions in the books of Swifty (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 Ofor the amounts Record joumal entries in the order presented in the problem. List oll debit entries before credit entries Date Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) (To record return of goods) Debit Credit 111001
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