Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Apr. 2. Swan Company sold merchandise on account to Bird Company, $13,600, terms FOB shipping point, 1/10, n/30. Swan Company paid freight of $480, which
| Apr. 2. | Swan Company sold merchandise on account to Bird Company, $13,600, terms FOB shipping point, 1/10, n/30. Swan Company paid freight of $480, which was added to the invoice. The cost of the merchandise sold was $8,600. |
| 8. | Swan Company sold merchandise on account to Bird Company, $27,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $16,200. |
| 8. | Swan Company paid freight of $650 for delivery of merchandise sold to Bird Company on April 8. |
| 12. | Bird Company paid Swan Company for purchase of April 2. |
| 18. | Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise. |
| 23. | Bird Company paid Swan Company for purchase of April 8. |
| 24. | Swan Company sold merchandise on account to Bird Company, $14,500, terms FOB shipping point, n/45. The cost of the merchandise sold was $8,700. |
| 26. | Bird Company paid freight of $280 on April 24 purchase from Swan Company. |
Required:
1. Journalize the April transactions for Bird Company (the buyer). If an amount box does not require an entry, leave it blank.
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 2 | Merchandise Inventory | fill in the blank 2 | fill in the blank 3 |
| Accounts Payable-Swan Company | fill in the blank 5 | fill in the blank 6 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 8 | Merchandise Inventory | fill in the blank 8 | fill in the blank 9 |
| Accounts Payable-Swan Company | fill in the blank 11 | fill in the blank 12 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 12 | Accounts Payable-Swan Company | fill in the blank 14 | fill in the blank 15 |
| Cash | fill in the blank 17 | fill in the blank 18 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 18 | Customer Refunds Payable | fill in the blank 20 | fill in the blank 21 |
| Cash | fill in the blank 23 | fill in the blank 24 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 23 | Accounts Payable-Swan Company | fill in the blank 26 | fill in the blank 27 |
| Sales Returns and Allowances | fill in the blank 29 | fill in the blank 30 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 24 | Merchandise Inventory | fill in the blank 32 | fill in the blank 33 |
| Accounts Payable-Swan Company | fill in the blank 35 | fill in the blank 36 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 26 | Merchandise Inventory | fill in the blank 38 | fill in the blank 39 |
| Cash | fill in the blank 41 | fill in the blank 42 |
2. Journalize the April transactions for Swan Company (the seller). If an amount box does not require an entry, leave it blank.
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 2-sale | Accounts Receivable-Bird Company | fill in the blank 44 | fill in the blank 45 |
| Sales | fill in the blank 47 | fill in the blank 48 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 2-freight | Accounts Receivable-Bird Company | fill in the blank 50 | fill in the blank 51 |
| Cash | fill in the blank 53 | fill in the blank 54 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 2-cost | Cost of Merchandise Sold | fill in the blank 56 | fill in the blank 57 |
| Merchandise Inventory | fill in the blank 59 | fill in the blank 60 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 8-sale | Accounts Receivable-Bird Company | fill in the blank 62 | fill in the blank 63 |
| Sales | fill in the blank 65 | fill in the blank 66 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 8-cost | Cost of Merchandise Sold | fill in the blank 68 | fill in the blank 69 |
| Merchandise Inventory | fill in the blank 71 | fill in the blank 72 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 8-freight | Delivery Expense | fill in the blank 74 | fill in the blank 75 |
| Cash | fill in the blank 77 | fill in the blank 78 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 12 | Cash | fill in the blank 80 | fill in the blank 81 |
| Accounts Receivable-Bird Company | fill in the blank 83 | fill in the blank 84 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 18 | Cash | fill in the blank 86 | fill in the blank 87 |
| Accounts Receivable-Bird Company | fill in the blank 89 | fill in the blank 90 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 23 | Cash | fill in the blank 92 | fill in the blank 93 |
| Accounts Receivable-Bird Company | fill in the blank 95 | fill in the blank 96 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 24-sale | Accounts Receivable-Bird Company | fill in the blank 98 | fill in the blank 99 |
| Sales | fill in the blank 101 | fill in the blank 102 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Apr. 24-cost | Cost of Merchandise Sold | fill in the blank 104 | fill in the blank 105 |
| Merchandise Inventory | fill in the blank 107 | fill in the blank 108 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started