Question
Apologize for formatting, having issues with camera on app. Purchasing INV Accounting This information relates to Kingbird Co. 1. On April 5, purchased merchandise from
Apologize for formatting, having issues with camera on app. Purchasing INV Accounting
This information relates to Kingbird Co.
1. | On April 5, purchased merchandise from Blossom Company for $28,800, terms 4/10, n/30. | |
2. | On April 6, paid freight costs of $620 on merchandise purchased from Blossom. | |
3. | On April 7, purchased equipment on account for $34,200. | |
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.)
Dates: Title/Explanation Debit Credit
04/05 Inventory 28,800
Accounts Payable 28,800
04/06 Inventory 620
Cash 620
04/07 Equipment 34,200
Accounts Payable 34,200
04/08 Accounts Payable 3,500
Inventory 3,500
04/15 Accounts Payable 25,300
Inventory ?
Cash ?
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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 Title / Explanation Debit Credit
05/04 ? ? ----
Cash ---- ?
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