Prepare the journal entries to record the following sales transactions in Swifty Corp's books. Swifty uses...

Transcribed Image Text:

Prepare the journal entries to record the following sales transactions in Swifty Corp's books. Swifty uses a perpetual inventory system. (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 O for the amounts. Round answers to 0 decimal places, e.g. 125.) Jan. 2 Swifty sold $41,900 of goods to Xtra Inc., terms 2/10, n/45, FOB destination. The cost of the goods sold was $23,464. 5 The appropriate company paid freight costs of $1,100. 6 Xtra returned $6,000 of the merchandise purchased from Swifty on January 2, because it was not needed. The cost of the merchandise returned was $3,360, and it was restored to inventory. 11 Swifty received the balance due from Xtra. Date Account Titles and Explanation Debit Credit Jan, 2 (To record credit sale) 2 (To record cost of goods sold) 5 5 6 (To record return of goods) 6 (To record cost of goods returned) 11 Prepare the journal entries to record the following sales transactions in Swifty Corp's books. Swifty uses a perpetual inventory system. (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 O for the amounts. Round answers to 0 decimal places, e.g. 125.) Jan. 2 Swifty sold $41,900 of goods to Xtra Inc., terms 2/10, n/45, FOB destination. The cost of the goods sold was $23,464. 5 The appropriate company paid freight costs of $1,100. 6 Xtra returned $6,000 of the merchandise purchased from Swifty on January 2, because it was not needed. The cost of the merchandise returned was $3,360, and it was restored to inventory. 11 Swifty received the balance due from Xtra. Date Account Titles and Explanation Debit Credit Jan, 2 (To record credit sale) 2 (To record cost of goods sold) 5 5 6 (To record return of goods) 6 (To record cost of goods returned) 11

Answer rating: 100% (QA)

Date Account Titles and Explanation Debit Credit Jan 2 Accounts Receivable 41900 Sales rev... View the full answer