Sales-related and purchase-related transactions for seller and buyer
The following selected transactions were completed during April between Swan Company and Bird Company:
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Apr. 2.
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Swan Company sold merchandise on account to Bird Company, $32,000, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $330, which was added to the invoice. The cost of the merchandise sold was $19,200.
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8.
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Swan Company sold merchandise on account to Bird Company, $49,500, terms FOB destination, 1/15, n/eom. The cost of the merchandise sold was $29,700.
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8.
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Swan Company paid freight of $710 for delivery of merchandise sold to Bird Company on April 8.
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12.
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Bird Company returned $7,500 of merchandise purchased on account on April 8 from Swan Company. The cost of the merchandise returned was $4,800.
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12.
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Bird Company paid Swan Company for purchase of April 2, less discount.
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23.
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Bird Company paid Swan Company for purchase of April 8, less discount and less return of April 12.
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24.
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Swan Company sold merchandise on account to Bird Company, $67,350, terms FOB shipping point, n/eom. The cost of the merchandise sold was $40,400.
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26.
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Bird Company paid freight of $875 on April 24 purchase from Swan Company.
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30.
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Bird Company paid Swan Company on account for purchase of April 24.
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Instructions
Journalize the April transactions for (1) Swan Company and (2) Bird Company.