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On June 10, Swifty Company purchased $7.900 of merchandise on account from Sheffield Company, FOB shipping point, terms 3/10,n/30. Swifty pays the freight costs of
On June 10, Swifty Company purchased $7.900 of merchandise on account from Sheffield Company, FOB shipping point, terms 3/10,n/30. Swifty pays the freight costs of $600 on June 11. Goods totaling $800 are returned to Sheffield for credit on June 12. On June 19, Swifty pays Sheffield Company in full, less the discount. Both companies use a perpetual inventory system. Chart of Accounts Liabilities Assets Cash Accounts Payable Accounts Receivable Unearned Revenue Taxes Payable Notes Payable Inventory Supplies Prepaid Insurance Equipment Building Land Accumulated Depreciation Stockholders' Equity Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Advertising Expense Delivery Expense Wages and Salaries Expense List debit transactions first and then list credit transactions. Use accounts provided in the Chart of Accounts above. Do NOT create your own account When typing your responses, do NOT include a dollar sign. For example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any dollar sign. *If no entry is required, type "No Entry for accounts and put O for debit and credit sides. Prepare separate entries for each transaction on the books of Swifty Company, Date Account Titles and Explanation Debit ($) Credit ($) 6/10 6/11 6/12 6/19 Cash
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