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This information relates to Kingbird Co.
1. | On April 5, purchased merchandise from Blossom Company for $25,000, terms 2/10, n/30. | |
2. | On April 6, paid freight costs of $500 on merchandise purchased from Blossom. | |
3. | On April 7, purchased equipment on account for $30,000. | |
4. | On April 8, returned $3,500 of April 5 merchandise to Blossom Company. | |
5. | On April 15, paid the amount due to Blossom Company in full. |
(a)
Prepare the journal entries to record the transactions listed above on Kingbird Co.’s books. Kingbird 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.)
No.
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Date
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Account Titles and Explanation
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Debit
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Credit
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1.
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choose a transaction date
April 5April 6April 7April 8April 15May 4
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enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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2.
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choose a transaction date
April 5April 6April 7April 8April 15May 4
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enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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3.
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choose a transaction date
April 5April 6April 7April 8April 15May 4
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enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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4.
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choose a transaction date
April 5April 6April 7April 8April 15May 4
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enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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5.
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choose a transaction date
April 5April 6April 7April 8April 15May 4
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enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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(b)
Assume that Kingbird Co. paid the balance due to Blossom Company on May 4 instead of April 15. Prepare the
Date
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Account Titles and Explanation
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Debit
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Credit
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---|---|---|---|
May 4
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enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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