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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, $18,300, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $280, which was added to the invoice. The cost of the merchandise sold was $11,500.
8.	Swan Company sold merchandise on account to Bird Company, $24,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $14,400.
8.	Swan Company paid freight of $820 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, $9,400, terms FOB shipping point, n/45. The cost of the merchandise sold was $5,600.
26.	Bird Company paid freight of $320 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	Accounts Payable-Swan CompanyCashCost of Merchandise SoldMerchandise InventorySales	fill in the blank 2	fill in the blank 3
	Accounts Payable-Swan CompanyAccounts Receivable-Swan CompanyCashCost of Merchandise SoldSalesAccounts Receivable-Swan Company	fill in the blank 5	fill in the blank 6

Date	Account	Debit	Credit
Apr. 8	Accounts Payable-Swan CompanyAccounts Receivable-Swan CompanyCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Receivable-Swan Company	fill in the blank 8	fill in the blank 9
	Accounts Payable-Swan CompanyCashCost of Merchandise SoldMerchandise InventorySalesSales	fill in the blank 11	fill in the blank 12

Date	Account	Debit	Credit
Apr. 12	Accounts Payable-Swan CompanyCost of Merchandise SoldMerchandise InventorySalesSales Returns and AllowancesSales	fill in the blank 14	fill in the blank 15
	Accounts Payable-Swan CompanyCashCost of Merchandise SoldMerchandise InventorySales Returns and AllowancesAccounts Payable-Swan Company	fill in the blank 17	fill in the blank 18

Date	Account	Debit	Credit
Apr. 18	CashCustomer Refunds PayableMerchandise InventorySalesSales DiscountsCustomer Refunds Payable	fill in the blank 20	fill in the blank 21
	CashCost of Merchandise SoldCustomer Refunds PayableMerchandise InventorySales DiscountsCash	fill in the blank 23	fill in the blank 24

Date	Account	Debit	Credit
Apr. 23	Accounts Payable-Swan CompanyCashMerchandise InventorySalesSales DiscountsCash	fill in the blank 26	fill in the blank 27
	Accounts Payable-Swan CompanyCashCost of Merchandise SoldSales DiscountsSales Returns and AllowancesAccounts Payable-Swan Company	fill in the blank 29	fill in the blank 30

Date	Account	Debit	Credit
Apr. 24	Accounts Payable-Swan CompanyCashCost of Merchandise SoldMerchandise InventorySales DiscountsCost of Merchandise Sold	fill in the blank 32	fill in the blank 33
	Accounts Payable-Swan CompanyAccounts Receivable-Swan CompanyCashCost of Merchandise SoldSales DiscountsAccounts Receivable-Swan Company	fill in the blank 35	fill in the blank 36

Date	Account	Debit	Credit
Apr. 26	Accounts Payable-Swan CompanyCashCost of Merchandise SoldDelivery ExpenseMerchandise Inventory	fill in the blank 38	fill in the blank 39
	Accounts Payable-Swan CompanyCashCost of Merchandise SoldDelivery ExpenseMerchandise Inventory	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 Payable-Bird CompanyAccounts Receivable-Bird CompanyMerchandise InventorySalesSales Discounts	fill in the blank 44	fill in the blank 45
	Accounts Receivable-Bird CompanyCashMerchandise InventorySalesSales Discounts	fill in the blank 47	fill in the blank 48

Date	Account	Debit	Credit
Apr. 2-freight	Accounts Receivable-Bird CompanyDelivery ExpenseMerchandise InventorySalesSales Discounts	fill in the blank 50	fill in the blank 51
	Accounts Receivable-Bird CompanyCashDelivery ExpenseMerchandise InventorySales	fill in the blank 53	fill in the blank 54

Date	Account	Debit	Credit
Apr. 2-cost	Accounts Payable-Bird CompanyAccounts Receivable-Bird CompanyCashCost of Merchandise SoldMerchandise Inventory	fill in the blank 56	fill in the blank 57
	Accounts Payable-Bird CompanyAccounts Receivable-Bird CompanyCashCost of Merchandise SoldMerchandise Inventory	fill in the blank 59	fill in the blank 60

Date	Account	Debit	Credit
Apr. 8-sale	Accounts Payable-Bird CompanyAccounts Receivable-Bird CompanyMerchandise InventorySalesSales Discounts	fill in the blank 62	fill in the blank 63
	Accounts Payable-Bird CompanyAccounts Receivable-Bird CompanyMerchandise InventorySalesSales Discounts	fill in the blank 65	fill in the blank 66

Date	Account	Debit	Credit
Apr. 8-cost	Accounts Payable-Bird CompanyAccounts Receivable-Bird CompanyCashCost of Merchandise SoldMerchandise Inventory	fill in the blank 68	fill in the blank 69
	Accounts Payable-Bird CompanyAccounts Receivable-Bird CompanyCashCost of Merchandise SoldMerchandise Inventory	fill in the blank 71	fill in the blank 72

Date	Account	Debit	Credit
Apr. 8-freight	Accounts Payable-Bird CompanyAccounts Receivable-Bird CompanyCashDelivery ExpenseMerchandise Inventory	fill in the blank 74	fill in the blank 75
	Accounts Payable-Bird CompanyAccounts Receivable-Bird CompanyCashDelivery ExpenseSales	fill in the blank 77	fill in the blank 78

Date	Account	Debit	Credit
Apr. 12	Accounts Payable-Bird CompanyAccounts Receivable-Bird CompanyCashMerchandise InventorySales	fill in the blank 80	fill in the blank 81
	Accounts Receivable-Bird CompanyCashCost of Merchandise SoldMerchandise InventorySales Discounts	fill in the blank 83	fill in the blank 84

Date	Account	Debit	Credit
Apr. 18	Accounts Payable-Bird CompanyAccounts Receivable-Bird CompanyCashCustomer Refunds PayableMerchandise Inventory	fill in the blank 86	fill in the blank 87
	Accounts Receivable-Bird CompanyCashCustomer Refunds PayableMerchandise InventorySales Discounts	fill in the blank 89	fill in the blank 90

Date	Account	Debit	Credit
Apr. 23	Accounts Payable-Bird CompanyAccounts Receivable-Bird CompanyCashMerchandise InventorySales	fill in the blank 92	fill in the blank 93
	Accounts Receivable-Bird CompanyCashCost of Merchandise SoldMerchandise InventorySales Discounts	fill in the blank 95	fill in the blank 96

Date	Account	Debit	Credit
Apr. 24-sale	Accounts Payable-Bird CompanyAccounts Receivable-Bird CompanyMerchandise InventorySalesSales Discounts	fill in the blank 98	fill in the blank 99
	Accounts Payable-Bird CompanyAccounts Receivable-Bird CompanyMerchandise InventorySalesSales Discounts	fill in the blank 101	fill in the blank 102

Date	Account	Debit	Credit
Apr. 24-cost	Accounts Receivable-Bird CompanyCashCost of Merchandise SoldSalesSales Discounts	fill in the blank 104	fill in the blank 105
	Accounts Receivable-Bird CompanyCashMerchandise InventorySalesSales Discounts	fill in the blank 107	fill in the blank 108

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