Wildhorse Corp. uses a perpetual inventory system. The company had the following inventory transactions in April April 3 Purchased merchandise from Swifty Ltd. for $34,160, terms n/30, FOB shipping point. The appropriate company paid freight costs of $854 on the merchandise purchased on April 3. 7 Purchased supplies on account for $6.100. 8 1. 2 6 Additional information: The cost of the merchandise sold on April 3 was $23,180. Swifty expected a return rate of 15% The cost of the merchandise returned on April 8 was $2.806. Swifty uses a perpetual inventory system. 3. 30 Returned merchandise to Swifty and received a credit of $4,270. The merchandise was returned to inventory for future resale. Paid the amount due to Swifty in full. Record the transactions in the books of Swifty. (List all debit entries before credit entries. 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 0 for the amounts. Record journal entries in the order presented in the problem.)
Wildhorse Corp. uses a perpetual inventory system. The company had the following inventory transactions in April April 3 Purchased merchandise from Swifty Ltd. for $34,160, terms n/30, FOB shipping point. The appropriate company paid freight costs of $854 on the merchandise purchased on April 3. 7 Purchased supplies on account for $6.100. 8 1. 2 6 Additional information: The cost of the merchandise sold on April 3 was $23,180. Swifty expected a return rate of 15% The cost of the merchandise returned on April 8 was $2.806. Swifty uses a perpetual inventory system. 3. 30 Returned merchandise to Swifty and received a credit of $4,270. The merchandise was returned to inventory for future resale. Paid the amount due to Swifty in full. Record the transactions in the books of Swifty. (List all debit entries before credit entries. 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 0 for the amounts. Record journal entries in the order presented in the problem.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Wildhorse Corp. uses a perpetual inventory system. The company had the following inventory transactions in April:
3 Purchased merchandise from Swifty Ltd. for $34,160, terms n/30, FOB shipping point.
The appropriate company paid freight costs of $854 on the merchandise purchased on April 3.
Purchased supplies on account for $6,100.
Returned merchandise to Swifty and received a credit of $4,270. The merchandise was returned to inventory for
future resale.
Paid the amount due to Swifty in full.
April
6
1.
2
3.
7
8
30
Additional information:
The cost of the merchandise sold on April 3 was $23,180. Swifty expected a return rate of 15%
The cost of the merchandise returned on April 8 was $2.806.
Swifty uses a perpetual inventory system.
Record the transactions in the books of Swifty. (List all debit entries before credit entries. 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 0 for the amounts. Record journal entries in the order presented in the problem.)
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