Sales-Related 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: Apr.2. Swan Company sold merchandise on account to Bird Company, $19,100, terms FOB shipping point, 2/10, 1/30. Swan Company paid freight of $495, which was added to the invoice. The cost of the merchandise sold was $12,000. 8. Swan Company sold merchandise on account to Bird Company, $25,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $15,000. 8. Swan Company paid freight of $620 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 18. Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on account to Bird Company, $8,800, terms FOB shipping point, n/45. The cost of the merchandise sold was $5,300. 26. Bird Company paid freight of $440 on April 24 purchase from Swan Company. 30. Swan Company granted a customer allowance (credit memo) to Bird Company for $11,300 for merchandise that was returned from the August 24 purchase. The cost of the merchandise returned was $6,500. Required: 1. Journalize the April transactions for Bird Company (the buyer). Debit Credit Date Account 19,595 Apr. Merchandise Inventory 2 Accounts Payable-Swan Company 19,595 Account Debit Date Credit Apr. Merchandise Inventory 8 25,000 Accounts Payable-Swan Company 25,000 K Debit Credit Date Account Apr. 12 Accounts Payable-Swan Company 19,595 Cash 19,213 Account Debit Date Credit Apr. Cash 2,000 18 Merchandise Inventory 2,000 Date Account Deli Credit Apr. Accounts Payable-Swan Company 23 25,000 Cash 24,750 Date Account Debit Credit Apr. Merchandise Inventory 24 8,800 Accounts Payable-Swan Company 8,800 Date Account Debit Credit Apr. Merchandise Inventory 26 440 Cash 440 Date Account Debit Credit Apr. Accounts Payable-Swan Company 30 11,300 Merchandise Inventory 11,300 2. Joumalize the April transactions for Swan Company (the seller). Date Account Debit Credit Apr. 2- sale Date Account Debit Credit Apr. 2- freight Date Account Debit Credit Apr. 2- cost Account Debit Date Credit Apr. 8- sale Date Account Debit Credit Apr. 8- cost Date Account Debit Credit Apr. 8- freight Date Account Debit Credit Apr. 12 Date Account Debit Credit Apr. 18 Date Account Debit Credit Apr. 23 Date Account Debit Credit Apr. 24- sale Debit Credit Date Account Apr. 24- cost Date Account Debit Credit Apr. 30 Date Account Debit Credit Apr. 30
