Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

did I do this correctly so far? And can you please journalize the rest of them for the buyer and the seller so I can

image text in transcribed

did I do this correctly so far? And can you please journalize the rest of them for the buyer and the seller so I can practice. thank you.

Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company. Both companies use the net method under a perpetual inventory system. Apr. 2. Swan Company sold merchandise on account to Bird Company, $58,100, terms FOB shipping point, 2/10, 1/30. Swan paid freight of $1,715, which was added to the invoice. The cost of the goods sold was $37,780. 8. Swan Company sold merchandise on account to Bird Company, $50,000, terms FOB destination, 1/15, n/eom. The cost of the goods sold was $26,000 8. Swan Company paid freight of $1,165 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on account to Bird Company, $63,890, terms FOB shipping point, n/eom. The cost of the goods sold was $43,460 25. Swan Company paid Bird Company a cash refund of $2,240 for damaged merchandise in the April 8 sale. Bird Company kept the merchandise. 26. Bird Company paid freight of $830 on April 24 purchase from Swan Company, 30. Bird Company paid Swan Company on account for purchase of April 24. Required: 1. 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 Accounts Receivable fiind Company 58,100 Sales 58,100 Date Account Debit Credit Apr. 2 Accounts Receivable Bird Company 1,715 Cash 1,715 Date Debit Credit Account Cost of Goods Sold Apr. 2 37,780 Tnventory 37,780

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions