Question 2 of 4>-/3(To record credit sale)2(To record cost of goods sold)(To record return of goods)6.(To record cost of goods returned)11 Current Attempt in ProgressPrepare the journal entries to record the following sales transactions in Swifty Corp's books. Świfty uses a perpetual inventory system.(List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Jan.2Świfty sold $37,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $20,720. Swiftyexpected a return rate of 15%.The appropriate company paid freight costs of $740.Xtra returned $4,900 of the merchandise purchased from Świfty on January 2, because it was not needed. The cost ofthe merchandise returned was $2,744, and it was restored to inventory.11Świfty received the balance due from Xtra.Date Account Titles and ExplanationDebitCreditJan. 2(To record credit sale)2(To record cost of goods sold)

Solution:- Journal entries to record sales transactions in Swifty Corp's books :- Date Account…

Prepare the journal entries to record the following sales transactions in Swifty Corp's books. Swifty uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Jan. Świfty sold $37,000 of goods to Xtra Inc., terms n/45, FÓB destination. The cost of the goods sold was $20,720. Swifty expected a return rate of 15%. The appropriate company paid freight costs of $740. Xtra returned $4,900 of the merchandise purchased from Swifty on January 2, because it was not needed. The cost of the merchandise returned was $2,744, and it was restored to inventory. 11 Świfty received the balance due from Xtra.

Prepare the journal entries to record the following sales transactions in Swifty Corp's books. Swifty uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Jan. Świfty sold $37,000 of goods to Xtra Inc., terms n/45, FÓB destination. The cost of the goods sold was $20,720. Swifty expected a return rate of 15%. The appropriate company paid freight costs of $740. Xtra returned $4,900 of the merchandise purchased from Swifty on January 2, because it was not needed. The cost of the merchandise returned was $2,744, and it was restored to inventory. 11 Świfty received the balance due from Xtra.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 3SEA: JOURNAL ENTRIESPERPETUAL INVENTORY Joan Ziemba owns a small variety store. The following...

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