This information relates to Swifty Corporation.1.2.3.4.5.On April 5, purchased merchandise from Blue Spruce Inc. for $30,500, terms 2/10, n/30.On April 6, paid freight costs of $1,140 on merchandise purchased from Blue Spruce.On April 7, purchased equipment on account for $36,600.On April 8, returned some of April 5 merchandise to Blue Spruce that cost $4,900.On April 15, paid the amount due to Blue Spruce in full.Swifty uses a periodic inventory system.Prepare the journal entries to record the transactions listed above on the books of Swifty Corporation. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter o for the amounts. Round answers to the nearest whole dollar, e.g. 5,725. List all debit entries before credit entries.)DateAccount Titles and ExplanationDebitDOOTCredit

Name: This information relates to Swifty Corporation.1.2.3.4.5.On April 5,
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Description: This information relates to Swifty Corporation.1.2.3.4.5.On April 5, purchased merchandise from Blue Spruce Inc. for $30,500, terms 2/10, n/30.On April 6, paid freight costs of $1,140 on merchandise purchased from Blue Spruce.On April 7, purchased e

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On April 5, purchased merchandise from Blue Spruce Inc. for $30,500, terms 2/10, n/30. On April 6, paid freight costs of $1,140 on merchandise purchased from Blue Spruce. On April 7, purchased equipment on account for $36,600. 4. On April 8, returned some of April 5 merchandise to Blue Spruce that cost $4,900. 5. On April 15, paid the amount due to Blue Spruce in full. 1 2 3. Swifty uses a periodic inventory system. (a) Prepare the journal entries to record the transactions listed above on the books of Swifty Corporation. (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 o for the amounts. Round answers to the nearest whole dollar, e.g. 5,725. List all debit entries before credit entries.)

On April 5, purchased merchandise from Blue Spruce Inc. for $30,500, terms 2/10, n/30. On April 6, paid freight costs of $1,140 on merchandise purchased from Blue Spruce. On April 7, purchased equipment on account for $36,600. 4. On April 8, returned some of April 5 merchandise to Blue Spruce that cost $4,900. 5. On April 15, paid the amount due to Blue Spruce in full. 1 2 3. Swifty uses a periodic inventory system. (a) Prepare the journal entries to record the transactions listed above on the books of Swifty Corporation. (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 o for the amounts. Round answers to the nearest whole dollar, e.g. 5,725. List all debit entries before credit entries.)

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 4PA: The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this...

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Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California. June 1Sold merchandise on account to Hendrix Office Store, invoice no. 1001, 451.20. The cost of the merchandise was 397.06. 3Bought merchandise on account from Krueger, Inc., invoice no. 845A, 485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, 15 (total 500.15). 10Sold merchandise on account to Ballard Stores, invoice no. 1002, 2,483.65. The cost of the merchandise was 2,235.29. 13Bought merchandise on account from Kennedy, Inc., invoice no. 4833, 2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, 123 (total 2,573.13). 18Sold merchandise on account to Lawson Office Store, invoice no. 1003, 754.99. The cost of the merchandise was 671.94. 20Issued credit memo no. 33 to Lawson Office Store for merchandise returned, 103.25. The cost of the merchandise was 91.89. 25Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, 1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, 84 (total 1,636.30). 30Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for 224.50. Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 25 and 26.
Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
This information relates to Sheridan Supply Co. 1. 2. 3. 4. 5. On April 5 purchased merchandise from Acme Wholesale Company for $25,000, terms 2/10, n/10. On April 6 paid freight costs of $1,000 on merchandise purchased from Acme Wholesale. On April 7 purchased equipment on account for $27,000. On April 8 returned some of April 5 merchandise to Acme Wholesale which cost $2,100. On April 15 paid the amount due to Acme Wholesale in full.
This information relates to Oriole Co. 1. On April 5, purchased merchandise on account from Swifty Company for $35,000, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $820 on merchandise purchased from Swifty Company. 3. On April 7, purchased equipment on account for $28,800. 4. On April 8, returned some of April 5 merchandise, which cost $3,300, to Swifty Company. 5. On April 15, paid the amount due to Swifty Company in full. Prepare the journal entries to record these transactions on the books of Oriole Co. using a periodic inventory system.
This information relates to Cullumber Co.. 1. On April 5, purchased merchandise from Oriole Company for $26,600, terms 4/10, n/30. 2. On April 6, paid freight costs of $630 on merchandise purchased from Oriole Company. 3. On April 7, purchased equipment on account for $33,900. 4. On April 8, returned $5,100 of April 5 merchandise to Oriole Company. 5. On April 15, paid the amount due to Oriole Company in full. (a)Prepare the journal entries to record the transactions listed above on Cullumber Co.’s books. Cullumber Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date…