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Prepare the journal entries to record transactions on books

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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 purchased from Swifty.

3.On April 7, purchased equipment on account for $45,800.

4.On April 8, returned damaged merchandise to Swifty Company and was granted a $4,100 credit for returned merchandise.

5.On April 15, paid the amount due to Swifty Company in full.

Problem 1: Prepare the journal entries to record these transactions on the books of Blossom Company under a perpetual inventory system.

Reference no: EM132660570

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