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, $19,200, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $445, which was added to the invoice. The cost of the merchandise sold was $12,100. 8. Swan Company sold merchandise on account to Bird Company, $31,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $18,600. 8. Swan Company paid freight of $540 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, $13,300, terms FOB shipping point, n/45. The cost of the merchandise sold was $8,000. 26. Bird Company paid freight of $360 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). Date Account Debit Credit Apr. 2 fill in the blank 2 fill in the blank 4 Date Account Debit Credit Apr. 8 fill in the blank 6 fill in the blank 8 Date Account Debit Credit Apr. 12 fill in the blank 10 fill in the blank 12 Date Account Debit Credit Apr. 18 fill in the blank 14 fill in the blank 16 Date Account Debit Credit Apr. 23 fill in the blank 18 fill in the blank 20 Date Account Debit Credit Apr. 24 fill in the blank 22 fill in the blank 24 Date Account Debit Credit Apr. 26 fill in the blank 26 fill in the blank 28 Date Account Debit Credit Apr. 30 fill in the blank 30 fill in the blank 32 2. Journalize the April transactions for Swan Company (the seller). Date Account Debit Credit Apr. 2-sale fill in the blank 34 fill in the blank 36 Date Account Debit Credit Apr. 2-freight fill in the blank 38 fill in the blank 40 Date Account Debit Credit Apr. 2-cost fill in the blank 42 fill in the blank 44 Date Account Debit Credit Apr. 8-sale fill in the blank 46 fill in the blank 48 Date Account Debit Credit Apr. 8-cost fill in the blank 50 fill in the blank 52 Date Account Debit Credit Apr. 8-freight fill in the blank 54 fill in the blank 56 Date Account Debit Credit Apr. 12 fill in the blank 58 fill in the blank 60 Date Account Debit Credit Apr. 18 fill in the blank 62 fill in the blank 64 Date Account Debit Credit Apr. 23 fill in the blank 66 fill in the blank 68 Date Account Debit Credit Apr. 24-sale fill in the blank 70 fill in the blank 72 Date Account Debit Credit Apr. 24-cost fill in the blank 74 fill in the blank 76 Date Account Debit Credit Apr. 30 fill in the blank 78 fill in the blank 80 Date Account Debit Credit Apr. 30 fill in the blank 82 fill in the blank 84

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, $19,200, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $445, which was added to the invoice. The cost of the merchandise sold was $12,100. 8. Swan Company sold merchandise on account to Bird Company, $31,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $18,600. 8. Swan Company paid freight of $540 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, $13,300, terms FOB shipping point, n/45. The cost of the merchandise sold was $8,000. 26. Bird Company paid freight of $360 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). Date Account Debit Credit Apr. 2 fill in the blank 2 fill in the blank 4 Date Account Debit Credit Apr. 8 fill in the blank 6 fill in the blank 8 Date Account Debit Credit Apr. 12 fill in the blank 10 fill in the blank 12 Date Account Debit Credit Apr. 18 fill in the blank 14 fill in the blank 16 Date Account Debit Credit Apr. 23 fill in the blank 18 fill in the blank 20 Date Account Debit Credit Apr. 24 fill in the blank 22 fill in the blank 24 Date Account Debit Credit Apr. 26 fill in the blank 26 fill in the blank 28 Date Account Debit Credit Apr. 30 fill in the blank 30 fill in the blank 32 2. Journalize the April transactions for Swan Company (the seller). Date Account Debit Credit Apr. 2-sale fill in the blank 34 fill in the blank 36 Date Account Debit Credit Apr. 2-freight fill in the blank 38 fill in the blank 40 Date Account Debit Credit Apr. 2-cost fill in the blank 42 fill in the blank 44 Date Account Debit Credit Apr. 8-sale fill in the blank 46 fill in the blank 48 Date Account Debit Credit Apr. 8-cost fill in the blank 50 fill in the blank 52 Date Account Debit Credit Apr. 8-freight fill in the blank 54 fill in the blank 56 Date Account Debit Credit Apr. 12 fill in the blank 58 fill in the blank 60 Date Account Debit Credit Apr. 18 fill in the blank 62 fill in the blank 64 Date Account Debit Credit Apr. 23 fill in the blank 66 fill in the blank 68 Date Account Debit Credit Apr. 24-sale fill in the blank 70 fill in the blank 72 Date Account Debit Credit Apr. 24-cost fill in the blank 74 fill in the blank 76 Date Account Debit Credit Apr. 30 fill in the blank 78 fill in the blank 80 Date Account Debit Credit Apr. 30 fill in the blank 82 fill in the blank 84

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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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 Company:

Apr.2.	Swan Company sold merchandise on account to Bird Company, $19,200, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $445, which was added to the invoice. The cost of the merchandise sold was $12,100.
8.	Swan Company sold merchandise on account to Bird Company, $31,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $18,600.
8.	Swan Company paid freight of $540 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, $13,300, terms FOB shipping point, n/45. The cost of the merchandise sold was $8,000.
26.	Bird Company paid freight of $360 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).

Date	Account	Debit	Credit
Apr. 2		fill in the blank 2
			fill in the blank 4

Date	Account	Debit	Credit
Apr. 8		fill in the blank 6
			fill in the blank 8

Date	Account	Debit	Credit
Apr. 12		fill in the blank 10
			fill in the blank 12

Date	Account	Debit	Credit
Apr. 18		fill in the blank 14
			fill in the blank 16

Date	Account	Debit	Credit
Apr. 23		fill in the blank 18
			fill in the blank 20

Date	Account	Debit	Credit
Apr. 24		fill in the blank 22
			fill in the blank 24

Date	Account	Debit	Credit
Apr. 26		fill in the blank 26
			fill in the blank 28

Date	Account	Debit	Credit
Apr. 30		fill in the blank 30
			fill in the blank 32

2. Journalize the April transactions for Swan Company (the seller).

Date	Account	Debit	Credit
Apr. 2-sale		fill in the blank 34
			fill in the blank 36

Date	Account	Debit	Credit
Apr. 2-freight		fill in the blank 38
			fill in the blank 40

Date	Account	Debit	Credit
Apr. 2-cost		fill in the blank 42
			fill in the blank 44

Date	Account	Debit	Credit
Apr. 8-sale		fill in the blank 46
			fill in the blank 48

Date	Account	Debit	Credit
Apr. 8-cost		fill in the blank 50
			fill in the blank 52

Date	Account	Debit	Credit
Apr. 8-freight		fill in the blank 54
			fill in the blank 56

Date	Account	Debit	Credit
Apr. 12		fill in the blank 58
			fill in the blank 60

Date	Account	Debit	Credit
Apr. 18		fill in the blank 62
			fill in the blank 64

Date	Account	Debit	Credit
Apr. 23		fill in the blank 66
			fill in the blank 68

Date	Account	Debit	Credit
Apr. 24-sale		fill in the blank 70
			fill in the blank 72

Date	Account	Debit	Credit
Apr. 24-cost		fill in the blank 74
			fill in the blank 76

Date	Account	Debit	Credit
Apr. 30		fill in the blank 78
			fill in the blank 80

Date	Account	Debit	Credit
Apr. 30		fill in the blank 82
			fill in the blank 84

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