Question

Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...

Sales 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. Both companies use the net method under a perpetual inventory system.

Apr. 2. Swan Company sold merchandise on account to Bird Company, $58,300, terms FOB shipping point, 2/10, n/30. Swan paid freight of $1,725, which was added to the invoice. The cost of the goods sold was $34,220.
8. Swan Company sold merchandise on account to Bird Company, $51,600, terms FOB destination, 1/15, n/eom. The cost of the goods sold was $29,770.
8. Swan Company paid freight of $1,240 for delivery of merchandise sold to Bird Company on April 8.
12. Bird Company paid Swan Company for purchase of April 2.
23. Bird Company paid Swan Company for purchase of April 8.
24. Swan Company sold merchandise on account to Bird Company, $59,550, terms FOB shipping point, n/eom. The cost of the goods sold was $41,080.
25. Swan Company paid Bird Company a cash refund of $2,450 for damaged merchandise in the April 8 sale. Bird Company kept the merchandise.
26. Bird Company paid freight of $810 on April 24 purchase from Swan Company.
30. Bird Company paid Swan Company on account for purchase of April 24.

Required:

1. Journalize the April transactions for Swan Company (the seller). If an amount box does not require an entry, leave it blank.

Date Account Debit Credit
Apr. 2 Accounts Receivable-Bird Company
Sales
Date Account Debit Credit
Apr. 2 Accounts Receivable-Bird Company
Cash
Date Account Debit Credit
Apr. 2 Cost of Goods Sold
Inventory
Date Account Debit Credit
Apr. 8 Accounts Receivable-Bird Company
Sales
Date Account Debit Credit
Apr. 8 Cost of Goods Sold
Inventory
Date Account Debit Credit
Apr. 8 Delivery Expense
Cash
Date Account Debit Credit
Apr. 12 Cash
Accounts Receivable-Bird Company
Date Account Debit Credit
Apr. 23 Cash
Accounts Receivable-Bird Company
Date Account Debit Credit
Apr. 24 Accounts Receivable-Bird Company
Sales
Date Account Debit Credit
Apr. 24 Cost of Goods Sold
Inventory
Date Account Debit Credit
Apr. 25 Customer Refunds Payable
Cash
Date Account Debit Credit
Apr. 30 Cash
Accounts Receivable-Bird Company

2. Journalize the April transactions for Bird Company (the buyer). If an amount box does not require an entry, leave it blank.

Date Account Debit Credit
Apr. 2 Inventory
Accounts Payable-Swan Company
Date Account Debit Credit
Apr. 8 Inventory
Accounts Payable-Swan Company
Date Account Debit Credit
Apr. 12 Accounts Payable-Swan Company
Cash


Date Account Debit Credit
Apr. 23 Accounts Payable-Swan Company
Cash
Date Account Debit Credit
Apr. 24 Inventory
Accounts Payable-Swan Company
Date Account Debit Credit
Apr. 25 Cash
Inventory
Date Account Debit Credit
Apr. 26 Inventory
Cash
Date Account Debit Credit
Apr. 30 Accounts Payable-Swan Company
Cash
0 0
Add a comment Improve this question Transcribed image text
Answer #1

XIA 5 2020-09(3) SEP.xlsx - Microsoft Excel ? X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW DEVELOPER Sign in H27XIA 5 2020-09(3) SEP.xlsx - Microsoft Excel ? X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW DEVELOPER Sign in H24

Add a comment
Know the answer?
Add Answer to:
Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System. The following selected transactions...

    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, $17,700, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $420, which was added to the invoice. The cost of the merchandise sold was $11,200. 8. Swan Company sold merchandise on account to Bird Company, $27,000, terms FOB destination, 1/15, n/30. The...

  • Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...

    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, $17,700, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $420, which was added to the invoice. The cost of the merchandise sold was $11,200. 8. Swan Company sold merchandise on account to Bird Company, $27,000, terms FOB destination, 1/15, n/30. The...

  • Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...

    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, $14,400, terms FOB shipping point, 1/10, n/30. Swan Company paid freight of $515, which was added to the invoice. The cost of the merchandise sold was $9,100. 8. Swan Company sold merchandise on account to Bird Company, $29,000, terms FOB destination, 2/15, n/30....

  • PR 5-4B Sales and purchase-related transactions for seller and buyer using perpetual inventory system Obj. 2...

    PR 5-4B Sales and purchase-related transactions for seller and buyer using perpetual inventory system Obj. 2 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, $32,000, terms FOB shipping point, 2/10 n/30. Swan paid freight of $330, which was added to the invoice. The cost of the goods sold was $19,200. 8. Swan Company sold merchandise on account to Bird Company, $49,500, terms FOB...

  • Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...

    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, $32,000, 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 $19,200. 8. Swan Company sold merchandise on account to Bird Company, $49,500, terms FOB destination, 1/15, n/30. The...

  • 8. PR 5-4B Sales and purchase-related transactions for seller and buyer using Obj. 2 perpetual inventory...

    8. PR 5-4B Sales and purchase-related transactions for seller and buyer using Obj. 2 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, $32,000, terms FOB shipping point, 2/10, n/30. Swan paid freight of $330, which was added to the invoice. The cost of the goods sold was $19,200. 8. Swan Company sold merchandise on account to Bird Company, $49,500, terms...

  • Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...

    Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during August between Summit Company and Beartooth Co.: Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1. Summit Company sold merchandise on account to Beartooth Co., $48,750, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $27,000. 2. Summit Company...

  • Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...

    Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1. Summit Company sold merchandise on account to Beartooth Co., $45,300, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $26,780. 2. Summit Company paid freight of $1,130 for delivery of merchandise sold to Beartooth Co. on August 1. 5. Summit Company sold merchandise on account to Beartooth Co., $68,140,...

  • Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...

    Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1. Summit Company sold merchandise on account to Beartooth Co., $49,750, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $26,490. 2. Summit Company paid freight of $1,240 for delivery of merchandise sold to Beartooth Co. on August 1. 5. Summit Company sold merchandise on account to Beartooth Co., $69,400,...

  • Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies...

    Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers: July 1. Sold merchandise on account to Landscapes Co., $13,700, terms FOB shipping point, n/eom. The cost of merchandise sold was $8,200. 2. Sold merchandise for $19,100 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $12,400. 5. Sold merchandise on account to Peacock Company, $32,800,...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT