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, $58,300, terms FOB shipping point, 2/10, n/30. Swan paid freight of $1,725, which was added to the invoice. The cost of the goods sold was $34,220.
8.	Swan Company sold merchandise on account to Bird Company, $51,600, terms FOB destination, 1/15, n/eom. The cost of the goods sold was $29,770.
8.	Swan Company paid freight of $1,240 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, $59,550, terms FOB shipping point, n/eom. The cost of the goods sold was $41,080.
25.	Swan Company paid Bird Company a cash refund of $2,450 for damaged merchandise in the April 8 sale. Bird Company kept the merchandise.
26.	Bird Company paid freight of $810 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-Bird Company
	Sales

Date	Account	Debit	Credit
Apr. 2	Accounts Receivable-Bird Company
	Cash

Date	Account	Debit	Credit
Apr. 2	Cost of Goods Sold
	Inventory

Date	Account	Debit	Credit
Apr. 8	Accounts Receivable-Bird Company
	Sales

Date	Account	Debit	Credit
Apr. 8	Cost of Goods Sold
	Inventory

Date	Account	Debit	Credit
Apr. 8	Delivery Expense
	Cash

Date	Account	Debit	Credit
Apr. 12	Cash
	Accounts Receivable-Bird Company

Date	Account	Debit	Credit
Apr. 23	Cash
	Accounts Receivable-Bird Company

Date	Account	Debit	Credit
Apr. 24	Accounts Receivable-Bird Company
	Sales

Date	Account	Debit	Credit
Apr. 24	Cost of Goods Sold
	Inventory

Date	Account	Debit	Credit
Apr. 25	Customer Refunds Payable
	Cash

Date	Account	Debit	Credit
Apr. 30	Cash
	Accounts Receivable-Bird Company

2. 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	Inventory
	Accounts Payable-Swan Company

Date	Account	Debit	Credit
Apr. 8	Inventory
	Accounts Payable-Swan Company

Date	Account	Debit	Credit
Apr. 12	Accounts Payable-Swan Company
	Cash

Date	Account	Debit	Credit
Apr. 23	Accounts Payable-Swan Company
	Cash

Date	Account	Debit	Credit
Apr. 24	Inventory
	Accounts Payable-Swan Company

Date	Account	Debit	Credit
Apr. 25	Cash
	Inventory

Date	Account	Debit	Credit
Apr. 26	Inventory
	Cash

Date	Account	Debit	Credit
Apr. 30	Accounts Payable-Swan Company
	Cash