Selected transactions during April between Swan Company

and Bird Company

Selected transactions during April between Swan Company and Bird Company are listed in
Problem 5-4B.In Problem 5-4B. 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, $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
$19,200.8. 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 $29,700.8. Swan
Company paid freight of $710 for delivery of merchandise sold to Bird Company on April 8.12.
Bird Company returned $7,500 of merchandise purchased on account on April 8 from Swan
Company. The cost of the merchandise returned was $4,800.12. Bird Company paid Swan
Company for purchase of April 2, less discount.23. Bird Company paid Swan Company for
purchase of April 8, less discount and less return of April 12.24. Swan Company sold
merchandise on account to Bird Company, $67,350, terms FOB shipping point, n/eom. The cost
of the merchandise sold was $40,400.26. Bird Company paid freight of $875 on April 24
purchase from Swan Company.30. Bird Company paid Swan Company on account for purchase
of April 24.InstructionsJournalize the entries to record the transactions for (1) Swan Company
(2) Bird Company assuming that both companies use the periodic inventory system.View
Solution:
Selected transactions during April between Swan Company and Bird Company
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