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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
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: Abr . 2. Swan Company sold merchandise on account to Bird Company, S16,400, terms FOB shipping point, 1/10, 1/30. Swan Company paid freight of $500, which was added to the invoice. The cost of the merchandise sold was $10,300, 8. Swan Company sold merchandise on account to Bird Company, $25,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $15,000. 8. Swan Company paid freight of $450 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, $9,100, terms FOB shipping point, 1/45. The cost of the merchandise sold was $5,500. 26. Bird Company paid freight of $290 on April 24 purchase from Swan Company. Date Account Debit Credit Apr. 2 Merchandise Inventory 2 Accounts Payable-Swan Company X 2. 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-sale Accounts Receivable-Bird Company Sales Date Account Debit Credit Apr. 2-freight Accounts Receivable Bird Company Cash Date Debit Credit Account Cost of Merchandise Sold Apr. 2-cost Merchandise Inventory Debit Account Credit Date Apr. 8-sale Accounts Receivable-Bird Company Sales Date Account Debit Credit Apr. 12 Cash Accounts Receivable-Bird Company
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