PR 5-4B Sales-related and purchase-related transactions for seller and buyer
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. |
Instructions
Journalize the April transactions for (1) Swan Company and (2) Bird Company.
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