Instructions The following selected transactions were completed by Betz Company during July of the current year: July 1 Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n/30 3 5 6 Purchased merchandise from Saxon Co., $12,000, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $75 was added to the invoice. Purchased merchandise from Schnee Co., $8,000, terms FOB destination, 2/10, 1/30. Issued debit memo to Schnee Co. for merchandise with an invoice amount of $1,500 returned from purchase on July 5. Paid Saxon Co. for invoice of July 3. Paid Schnee Co. for invoice of July 5, less debit memo of July 6. Purchased merchandise from Southmont Co., $18,900, terms FOB shipping point, 13 14 19 n/eom. 19 20 Paid freight of $140 on July 19 purchase from Southmont Co. Purchased merchandise from Stevens Co., $33,000, terms FOB destination, 1/10, n/30. 30 31 Paid Stevens Co. for invoice of July 20. Paid Sabol Imports Co. for invoice of July 1. Paid Southmont Co. for invoice of July 19. 31 Journalize the entries to record the transactions of Betz Company for July using the periodic inventory system. Refer to the Chart of Accounts for exact wording of account titles. 18 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 JL.1 Inventory 20,500.00 Accounts Payable-Sabol Imports Co. 20,500.00 + 3 Jul 3 Inventory 11,835.00 1 4 Accounts Payable-Saxon Co 11,835.00 1 5 JuL5 Inventory 7,840.00 6 7,840.00 7 1,470.00 1,470.00 9 Accounts Payable-Saxon Co. JUL 6 Accounts Payable-Schnee Co. Inventory Jul 13 Accounts Payable-Saxon Co. Cash Jul 14 Accounts Payable-Schnee Co. Cash 11,835.00 50 11,835.00 6,370.00 12 6,370.00 Jul 19 Inventory 18,900.00 14 18,900.00 1 Accounts Payable Southmont Co. 1.19 Inventory Cash 140.00 1 56 140.00 17 32,670.00 1 Jul 20 inventory Accounts Payable-Stevens Co. Jul 30 Accounts Payable Stevens Co. 37,670.00 f 10 32,670,00 32.670.00 bu Lene Dushinta inn 13,900100 JUL 19 Inventory Accounts Payable-Southmont Co. Jul 19 Inventory 18,900.00 5 140.00 6 Cash 140.00 31 JUL 20 Inventory 32,670.00 1 16 32,670,00 + Accounts Payable-Stevens Co. Jul 30 Accounts Payable-Stevens Co. 19 32,670.00 20 Cash 32,670.00 21 Jul. 31 Accounts Payable-Sabol Imports Co. 20,500.00 22 Cash 20,500.00 23 18,900.00 Jul 31 Accounts Payable-Southmont Co. Cash 24 18,900.00 25 26 27 28