Question
In: Accounting
The following selected transactions were completed during April between Swan Company and Bird Company: Apr.2. Swan...
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, $14,000, terms FOB shipping point, 1/10, n/30. Swan Company paid freight of $310, which was added to the invoice. The cost of the merchandise sold was $8,800. |
| 8. | Swan Company sold merchandise on account to Bird Company, $28,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $16,800. |
| 8. | Swan Company paid freight of $600 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, $10,400, terms FOB shipping point, n/45. The cost of the merchandise sold was $6,200. |
| 26. | Bird Company paid freight of $320 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).
2. Journalize the April transactions for Swan Company (the seller).
Solutions
ekkarill92 answered 1 year agoRelated Solutions
he following selected transactions were completed during April between Swan Company and Bird Company: Apr.2. Swan...
he following selected transactions were completed during April
between Swan Company and Bird Company:
Apr.2.
Swan Company sold merchandise on account to Bird Company,
$18,400, terms FOB shipping point, 1/10, n/30. Swan Company paid
freight of $400, which was added to the invoice. The cost of the
merchandise sold was $11,600.
8.
Swan Company sold merchandise on account to Bird Company,
$23,000, terms FOB destination, 2/15, n/30. The cost of the
merchandise sold was $13,800.
8.
Swan Company paid freight...
The following were selected from among the transactions completed by Calworks Company during April of the...
The following were selected from among the
transactions completed by Calworks Company
during April of the current year:
Apr.
2.
Purchased merchandise on account from Prescott Co.,
$42,000, terms FOB
destination, 2/10, n/30.
3.
Paid advertising expense, $50.
4.
Sold merchandise for cash, $18,200.
5.
Purchased merchandise on account from Stafford Co.,
$21,300, terms FOB
shipping point, 2/10, n/30.
6.
Returned $6,000 merchandise purchased on April 3
from Prescott Co.
7.
Paid weekly salaries of employees, $150.
9.
Paid utility...
Wood Maker Ltd. incurred the following selected transactions during the month of April: Apr. 2 Paid...
Wood Maker Ltd. incurred the following selected transactions
during the month of April:
Apr.
2
Paid monthly rent, $800.
3
Earned $1,000 on account for floor
refinishing.
5
Earned service revenue for floor
sanding and polishing and received $1,250 cash.
6
Purchased additional refinishing
equipment for $3,000. The company paid cash of $500 and the balance
was due on account in 20 days.
12
Collected amount owed by customer
for April 3 transaction.
15
Declared and paid $150 of dividends...
The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies...
The following selected transactions were completed during August
between Summit Company and Beartooth Co. Both companies use the net
method under a perpetual inventory system.
Aug.
1
Summit Company sold merchandise on account to Beartooth Co.,
$48,000, terms FOB destination, 2/15, n/eom. The cost of the goods
sold was $28,800.
2
Summit Company paid freight of $1,150 for delivery of
merchandise sold to Beartooth Co. on August 1.
5
Summit Company sold merchandise on account to Beartooth Co.,
$66,000, terms...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1....
The following selected transactions were completed during August
between Summit Company and Beartooth Co.:
Aug. 1.
Summit Company sold merchandise on account to Beartooth Co.,
$52,300, terms FOB destination, 2/15, n/eom. The cost of the goods
sold was $28,310.
2.
Summit Company paid freight of $1,155 for delivery of
merchandise sold to Beartooth Co. on August 1.
5.
Summit Company sold merchandise on account to Beartooth Co.,
$70,030, terms FOB shipping point, n/eom. The cost of the goods
sold was...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1...
The following selected transactions were completed during August
between Summit Company and Beartooth Co.:
Aug.
1
Summit Company sold merchandise on account to Beartooth Co.,
$49,550, terms FOB destination, 2/15, n/eom. The cost of the goods
sold was $30,000.
2
Summit Company paid freight of $1,265 for delivery of
merchandise sold to Beartooth Co. on August 1.
5
Summit Company sold merchandise on account to Beartooth Co.,
$59,560, terms FOB shipping point, n/eom. The cost of the goods
sold was...
The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies...
The following selected transactions were completed during August
between Summit Company and Beartooth Co. Both companies use the net
method under a perpetual inventory system. Aug. 1 Summit Company
sold merchandise on account to Beartooth Co., $52,150, terms FOB
destination, 2/15, n/eom. The cost of the goods sold was $25,940. 2
Summit Company paid freight of $1,235 for delivery of merchandise
sold to Beartooth Co. on August 1. 5 Summit Company sold
merchandise on account to Beartooth Co., $60,090, terms...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1...
The following selected transactions were completed during August
between Summit Company and Beartooth Co.:
Aug.
1
Summit Company sold merchandise on
account to Beartooth Co., $52,150, terms FOB destination, 2/15,
n/eom. The cost of the goods sold was $25,940.
2
Summit Company paid freight of
$1,235 for delivery of merchandise sold to Beartooth Co. on August
1.
5
Summit Company sold merchandise on
account to Beartooth Co., $60,090, terms FOB shipping point, n/eom.
The cost of the goods sold was...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1...
The following selected transactions were completed during August
between Summit Company and Beartooth Co.:
Aug.
1
Summit Company sold merchandise on
account to Beartooth Co., $49,050, terms FOB destination, 2/15,
n/eom. The cost of the goods sold was $28,370.
2
Summit Company paid freight of
$1,160 for delivery of merchandise sold to Beartooth Co. on August
1.
5
Summit Company sold merchandise on
account to Beartooth Co., $68,590, terms FOB shipping point, n/eom.
The cost of the goods sold was...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1...
The following selected transactions were completed during August
between Summit Company and Beartooth Co.:
Aug.
1
Summit Company sold merchandise on
account to Beartooth Co., $48,000, terms FOB destination, 2/15,
n/eom. The cost of the goods sold was $28,800.
2
Summit Company paid freight of
$1,150 for delivery of merchandise sold to Beartooth Co. on August
1.
5
Summit Company sold merchandise on
account to Beartooth Co., $66,000, terms FOB shipping point, n/eom.
The cost of the goods sold was...
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