Selected transactions during April between Swan Company and Bird Company are listed in Problem 6-4B

Selected transactions during April between Swan Company and Bird Company are listed in Problem 6-4B.

Instructions
Journalize the entries to record the transactions for (1) Swan Company and (2) Bird Company assuming that both companies use the periodic inventory system.


Answer:




















































1.

Apr. 2 Accounts Receivable—Bird Company 32,000
Sales 32,000
2 Accounts Receivable—Bird Company 330
Cash 330
8 Accounts Receivable—Bird Company 49,500
Sales 49,500
8 Delivery Expense 710
Cash 710
12 Sales Returns and Allowances 7,500
Accounts Receivable—Bird Company 7,500
12 Cash 31,690
Sales Discounts 640
Accounts Receivable—Bird Company 32,330
23 Cash 41,580
Sales Discounts 420
Accounts Receivable—Bird Company 42,000
24 Accounts Receivable—Bird Company 67,350
Sales 67,350
30 Cash 67,350
Accounts Receivable—Bird Company 67,350
2.

Apr. 2 Purchases 32,000
Freight In 330
Accounts Payable—Swan Company 32,330
8 Purchases 49,500
Accounts Payable—Swan Company 49,500
12 Accounts Payable—Swan Company 7,500
Purchases Returns and Allowances 7,500
12 Accounts Payable—Swan Company 32,330
Cash 31,690
Purchases Discounts 640
23 Accounts Payable—Swan Company 42,000
Cash 41,580
Purchases Discounts 420
24 Purchases 67,350
Accounts Payable—Swan Company 67,350
26 Freight In 875
Cash 875
30 Accounts Payable—Swan Company 67,350
Cash 67,350