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Current Attempt in Progress On June 10, Swifty Corporation purchased $7,950 of merchandise on account from Swifty Company, FOB shipping point, terms 2/10,n/30. Swifty Corporation
Current Attempt in Progress On June 10, Swifty Corporation purchased $7,950 of merchandise on account from Swifty Company, FOB shipping point, terms 2/10,n/30. Swifty Corporation pays the freight costs of $440 on June 11. Damaged goods totaling $350 are returned to Swifty for credit on June 12. The fair value of these goods is $80. On June 19, Swifty Corporation pays Swifty Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Swifty Corporation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Date Account Titles and Explanation Debit Credit
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