Question

Attempts - Your answer is partially correct. Record the transactions on the books of Swifty Corporation. (Credit account titles are automatically indented when the amoun entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts Debit Credit Date Account Titles and Explanation Oct. 5 Cash 3,110 Cost of Goods Sold 3,110 8 Accounts Payable 250 Purchase Returns and Allowances 250 e Textbook and Media List of Accounts Attempts: 1 of 2 used Save for Later Submit

Answer 1

Answer

--Requirement [b]

Date	Accounts title	Debit	Credit
Oct-05	Accounts receivables	$4,920
	Sales revenue		$4,920
	(to record sales)
Oct-08	Sales return & Allowance	$760
	Accounts receivables		$760
	(to record the price of goods returned)

--No Cost of Goods Sold entry will be recorded under Periodic inventory system.