Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory SystemThe following selected transactions were completed during April between Swan Company and Bird Company:Apr.2.Swan Company sold merchandise on account to Bird Company, $18,000, terms FOB shipping point, 1/10, n/30. Swan Company paid freight of $300, which was added to the invoice. The cost of the merchandise sold was $11,300.8.Swan Company sold merchandise on account to Bird Company, $24,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $14,400.8.Swan Company paid freight of $590 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, $13,200, terms FOB shipping point, n/45. The cost of the merchandise sold was $7,900.26.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. Required:1. Journalize the April transactions for Bird Company (the buyer).

Name: Sales-Related and Purchase-Related Transactions for Seller and Buyer U
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Description: Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory SystemThe following selected transactions were completed during April between Swan Company and Bird Company:Apr.2.Swan Company sold merchandise on account

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Answered: Journalize the April transactions for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System

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, $18,000, terms FOB shipping point, 1/10, n/30. Swan Company paid freight of $300, which was added to the invoice. The cost of the merchandise sold was $11,300.
8.	Swan Company sold merchandise on account to Bird Company, $24,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $14,400.
8.	Swan Company paid freight of $590 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, $13,200, terms FOB shipping point, n/45. The cost of the merchandise sold was $7,900.
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.

Required:

1. Journalize the April transactions for Bird Company (the buyer).

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