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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: Apr.2. Swan Company sold merchandise on account to Bird Company, $17,000, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $405, which was added to the invoice. The cost of the merchandise sold was $10,700. 8. Swan Company sold merchandise on account to Bird Company, $27,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $16,200. 8. Swan Company paid freight of $580 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, $14,500, terms FOB shipping point, n/45. The cost of the merchandise sold was $8,700. 26. Bird Company paid freight of $270 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: Tournalize the Ancil troncoction for Bird Comnanu Itho hirvar 1. Journalize the April transactions for Bird Company (the buyer). Date Account Debit Credit Apr. Merchandise Inventory 17,000 x 2 Accounts Payable-Swan Company 17,000 X Date Account Debit Credit Apr. Merchandise Inventory 27,000 X 8 Accounts Payable-Swan Company 27,000 X Date Account Debit Credit Apr. Accounts Payable-Swan Company 17,405 x 12 Cash 17,405 X Date Account Debit Credit Apr. Cash 2,000 18 Merchandise Inventory 2,000 Date Account Debit Credit Apr. Cash 2,000 18 Merchandise Inventory 2,000 Date Account Debit Credit Apr. Accounts Payable-Swan Company 27,000 x 23 Cash 27,000 X Date Account Debit Credit Apr. Merchandise Inventory 14,500 24 Accounts Payable-Swan Company 14,500 Date Account Debit Credit Apr. Merchandise Inventory 27,000 X 26 Cash 27,000 x Date Account Debit Credit Apr. Merchandise Inventory 27,000 x 26 Cash 27,000 X Date Account Debit Credit Apr. Accounts Payable-Swan Company 11,300 30 Merchandise Inventory 11,300 2. Journalize the April transactions for Swan Company (the seller). > Date Account Debit Credit Apr. 2- Merchandise Inventory X 17,450 x sale Accounts Receivable-Bird Company Date Account Debit Credit Apr. 2- Date Account Debit Credit Apr. 2- freight Date Account Debit Credit Apr. 2- cost Date Account Debit Credit Apr. 8- sale Date Account Debit Credit Apr. 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. 18 Date Account Debit Credit Apr. 23 Date Account Debit Credit Apr. 24- sale Date Account Debit Credit Apr. 24- cost Date Account Debit Credit Apr. 24- cost Date Account Debit Credit Apr. 30 Date Account Debit Credit Apr. 30
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