Question
Swifty Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from DeVito Ltd. for $34,160,
Swifty Corp. uses a perpetual inventory system. The company had the following inventory transactions in April:
April 3 Purchased merchandise from DeVito Ltd. for $34,160, terms n/30, FOB shipping point.
April 6 The appropriate company paid freight costs of $854 on the merchandise purchased on April 3.
April 7 Purchased supplies on account for $6,100.
April 8 Returned merchandise to DeVito and received a credit of $4,270. The merchandise was returned to inventory for future resale.
April 30 Paid the amount due to DeVito in full.
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
6th Canadian edition
1118644948, 978-1118805084, 1118805089, 978-1118644942
