FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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-/3
(To record credit sale)
2
(To record cost of goods sold)
(To record return of goods)
6.
(To record cost of goods returned)
11
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Transcribed Image Text:Question 2 of 4 > -/3 (To record credit sale) 2 (To record cost of goods sold) (To record return of goods) 6. (To record cost of goods returned) 11
Current Attempt in Progress
Prepare the journal entries to record the following sales transactions in Swifty Corp's books. Świfty uses a perpetual inventory system.
(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.)
Jan.
2
Świfty sold $37,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $20,720. Swifty
expected a return rate of 15%.
The appropriate company paid freight costs of $740.
Xtra returned $4,900 of the merchandise purchased from Świfty on January 2, because it was not needed. The cost of
the merchandise returned was $2,744, and it was restored to inventory.
11
Świfty received the balance due from Xtra.
Date Account Titles and Explanation
Debit
Credit
Jan. 2
(To record credit sale)
2
(To record cost of goods sold)
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Transcribed Image Text:Current Attempt in Progress Prepare the journal entries to record the following sales transactions in Swifty Corp's books. Świfty uses a perpetual inventory system. (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.) Jan. 2 Świfty sold $37,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $20,720. Swifty expected a return rate of 15%. The appropriate company paid freight costs of $740. Xtra returned $4,900 of the merchandise purchased from Świfty on January 2, because it was not needed. The cost of the merchandise returned was $2,744, and it was restored to inventory. 11 Świfty received the balance due from Xtra. Date Account Titles and Explanation Debit Credit Jan. 2 (To record credit sale) 2 (To record cost of goods sold)
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