Question

In: Accounting

Apr. 2. Swan Company sold merchandise on account to Bird Company, $13,600, terms FOB shipping point,...

Apr. 2. Swan Company sold merchandise on account to Bird Company, $13,600, terms FOB shipping point, 1/10, n/30. Swan Company paid freight of $480, which was added to the invoice. The cost of the merchandise sold was $8,600.
8. Swan Company sold merchandise on account to Bird Company, $27,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $16,200.
8. Swan Company paid freight of $650 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 $280 on April 24 purchase from Swan Company.

Required:

1. Journalize the April transactions for Bird Company (the buyer). If an amount box does not require an entry, leave it blank.

Date Account Debit Credit
Apr. 2 Merchandise Inventory fill in the blank 2 fill in the blank 3
Accounts Payable-Swan Company fill in the blank 5 fill in the blank 6
Date Account Debit Credit
Apr. 8 Merchandise Inventory fill in the blank 8 fill in the blank 9
Accounts Payable-Swan Company fill in the blank 11 fill in the blank 12
Date Account Debit Credit
Apr. 12 Accounts Payable-Swan Company fill in the blank 14 fill in the blank 15
Cash fill in the blank 17 fill in the blank 18
Date Account Debit Credit
Apr. 18 Customer Refunds Payable fill in the blank 20 fill in the blank 21
Cash fill in the blank 23 fill in the blank 24
Date Account Debit Credit
Apr. 23 Accounts Payable-Swan Company fill in the blank 26 fill in the blank 27
Sales Returns and Allowances fill in the blank 29 fill in the blank 30
Date Account Debit Credit
Apr. 24 Merchandise Inventory fill in the blank 32 fill in the blank 33
Accounts Payable-Swan Company fill in the blank 35 fill in the blank 36
Date Account Debit Credit
Apr. 26 Merchandise Inventory fill in the blank 38 fill in the blank 39
Cash fill in the blank 41 fill in the blank 42

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 fill in the blank 44 fill in the blank 45
Sales fill in the blank 47 fill in the blank 48
Date Account Debit Credit
Apr. 2-freight Accounts Receivable-Bird Company fill in the blank 50 fill in the blank 51
Cash fill in the blank 53 fill in the blank 54
Date Account Debit Credit
Apr. 2-cost Cost of Merchandise Sold fill in the blank 56 fill in the blank 57
Merchandise Inventory fill in the blank 59 fill in the blank 60
Date Account Debit Credit
Apr. 8-sale Accounts Receivable-Bird Company fill in the blank 62 fill in the blank 63
Sales fill in the blank 65 fill in the blank 66
Date Account Debit Credit
Apr. 8-cost Cost of Merchandise Sold fill in the blank 68 fill in the blank 69
Merchandise Inventory fill in the blank 71 fill in the blank 72
Date Account Debit Credit
Apr. 8-freight Delivery Expense fill in the blank 74 fill in the blank 75
Cash fill in the blank 77 fill in the blank 78
Date Account Debit Credit
Apr. 12 Cash fill in the blank 80 fill in the blank 81
Accounts Receivable-Bird Company fill in the blank 83 fill in the blank 84
Date Account Debit Credit
Apr. 18 Cash fill in the blank 86 fill in the blank 87
Accounts Receivable-Bird Company fill in the blank 89 fill in the blank 90
Date Account Debit Credit
Apr. 23 Cash fill in the blank 92 fill in the blank 93
Accounts Receivable-Bird Company fill in the blank 95 fill in the blank 96
Date Account Debit Credit
Apr. 24-sale Accounts Receivable-Bird Company fill in the blank 98 fill in the blank 99
Sales fill in the blank 101 fill in the blank 102
Date Account Debit Credit
Apr. 24-cost Cost of Merchandise Sold fill in the blank 104 fill in the blank 105
Merchandise Inventory fill in the blank 107 fill in the blank 108

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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