FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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:
Date
Transaction
Apr. Swan Company sold merchandise on account to Bird Company, $64,500, terms FOB shipping point, n/15. Swan
2.
paid freight of $1,850, which was added to the invoice. The cost of the goods sold was $36,140.
8.
8.
17.
23.
24.
25.
26.
30.
Swan Company sold merchandise on account to Bird Company, $48,250, terms FOB destination, n/15. The cost of
the goods sold was $30,650.
Swan Company paid freight of $1,220 for delivery of merchandise sold to Bird Company on April 8.
Bird Company paid Swan Company for purchase of April 2.
Bird Company paid Swan Company for purchase of April 8.
Swan Company sold merchandise on account to Bird Company, $71,750, terms FOB shipping point, n/eom. The
cost of the goods sold was $41,630.
Swan Company paid Bird Company a cash refund of $2,120 for damaged merchandise in the April 8 sale. Bird
Company kept the merchandise.
Bird Company paid freight of $820 on April 24 purchase from Swan Company.
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.
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Transcribed Image Text: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: Date Transaction Apr. Swan Company sold merchandise on account to Bird Company, $64,500, terms FOB shipping point, n/15. Swan 2. paid freight of $1,850, which was added to the invoice. The cost of the goods sold was $36,140. 8. 8. 17. 23. 24. 25. 26. 30. Swan Company sold merchandise on account to Bird Company, $48,250, terms FOB destination, n/15. The cost of the goods sold was $30,650. Swan Company paid freight of $1,220 for delivery of merchandise sold to Bird Company on April 8. Bird Company paid Swan Company for purchase of April 2. Bird Company paid Swan Company for purchase of April 8. Swan Company sold merchandise on account to Bird Company, $71,750, terms FOB shipping point, n/eom. The cost of the goods sold was $41,630. Swan Company paid Bird Company a cash refund of $2,120 for damaged merchandise in the April 8 sale. Bird Company kept the merchandise. Bird Company paid freight of $820 on April 24 purchase from Swan Company. 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.
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 Journalize the April transactions for Bird Company (the buyer). If an amount box does not require an entry, leave it blank.?

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

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