Weygandt, Financial Accounting. 10e Gradebook ORION Downloadable eTextbook signm

Question

Weygandt, Financial Accounting. 10e Gradebook ORION Downloadable eTextbook signment Exercise 5-2 Information related to Blossom Company is presented below 1. On April 5, purchased merchandise on account from Swifty Company for $30,000, terms 3/10, net/30, FOB shipping point 2. On April 6, paid freight costs of $990 on merchandise purdhased from Swifty. 3. On April 7, purchased equipment on account for $45,800 4. On April a, returned damaged merchandse to Swifty Company and was grated·ga,100 edit for returned metanden 5. On April 15, paid the amount due to Swifty Company in full Your anower is partially correct. Try again. StudyP Prepare the yournal entries to record these transactions on the books of Blossom Company under a perpetual inventory system. (Credit account tatles are entered. Do not indent manually. f no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation Accounts Payable Apnl? Im Cortana. Ask me Geek Amenices F2 F3 F4 FS F6 F8 #9 F10 EAN 0

Explanation / Answer

Date Account title Debit credit April 5 Merchandise inventory 30000 Accounts payabale 30000 [inventory purchased on account] April 6 Merchandise inventory 990 cash 990 [Freight paid on inventory purchased] april 7 Equipment 45800 Accounts payable 45800 [Equipment purchased on account] April 8 Accounts payable 4100 Merchandise inventory 4100 april 15 Accounts payable [30000-4100] 25900 Merchandise inventory [25900*.03] 777 cash 25123 [amount paid within discount period] If amount is paid on may 4 may 4 Accounts payabe 25900 cash 25900

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