FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

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.
Date
Account Titles and Explanation
Debit
Credit
1.
choose a transaction date
 April 5April 6April 7April 8April 15May 4
enter an account title
 
enter a debit amount
 
enter a credit amount
 
   
enter an account title
 
enter a debit amount
 
enter a credit amount
 
2.
choose a transaction date
 April 5April 6April 7April 8April 15May 4
enter an account title
 
enter a debit amount
 
enter a credit amount
 
   
enter an account title
 
enter a debit amount
 
enter a credit amount
 
3.
choose a transaction date
 April 5April 6April 7April 8April 15May 4
enter an account title
 
enter a debit amount
 
enter a credit amount
 
   
enter an account title
 
enter a debit amount
 
enter a credit amount
 
4.
choose a transaction date
 April 5April 6April 7April 8April 15May 4
enter an account title
 
enter a debit amount
 
enter a credit amount
 
   
enter an account title
 
enter a debit amount
 
enter a credit amount
 
5.
choose a transaction date
 April 5April 6April 7April 8April 15May 4
enter an account title
 
enter a debit amount
 
enter a credit amount
 
   
enter an account title
 
enter a debit amount
 
enter a credit amount
 
   
enter an account title
 
enter a debit amount
 
enter a credit amount
 


(b)

Assume that Kingbird Co. paid the balance due to Blossom Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (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.)

Date
Account Titles and Explanation
Debit
Credit
May 4
enter an account title
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title
 
enter a debit amount
 
enter a credit amount
 
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