Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please solve this question I only have half hour Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions

Please solve this question I only have half hour
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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, $57,700, terms FOB shipping point, 2/10, n/30. Swan paid which was added to the invoice. The cost of the goods sold was $37,230. 8. Swan Company sold merchandise on account to Bird Company, $43,600, terms FOB destination, 1/15, n/eom. The cost of $29,530. 8. Swan Company paid freight of $1,035 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, $70,640, terms FOB shipping point, n/eom. The cost of the $37,760. 25. Swan Company paid Bird Company a cash refund of $2,120 for damaged merchandise in the April 8 sale. Bird Company ke 26. Bird Company paid freight of $815 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 Related Transactions for Seller and Buyer Using Perpetual Inventory System ed transactions were completed during April between Swan Company and Bird Company. Both companies use er a perpetual inventory system. pany sold merchandise on account to Bird Company, $57,700, terms FOB shipping point, 2/10, n/30. Swan paid freight of $1,575, added to the invoice. The cost of the goods sold was $37,230. pany sold merchandise on account to Bird Company, $43,600, terms FOB destination, 1/15, n/eom. The cost of the goods sold was pany paid freight of $1,035 for delivery of merchandise sold to Bird Company on April 8. any paid Swan Company for purchase of April 2. any paid Swan Company for purchase of April 8. ny sold merchandise on account to Bird Company, $70,640, terms FOB shipping point, n/eom. The cost of the goods sold was

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions