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need help. thank you The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method
need help. thank you
The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system. July 1 Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n/30. 3 Purchased merchandise from Saxon Co., $12,000, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $75 was added to the invoice. 5 Purchased merchandise from Schnee Co., $8,000, terms FOB destination, 2/10,n/30. 6 Issued debit memo to Schnee Co. for merchandise with an invoice amount of $1,500 returned from purchase on July 5. 13 Paid Saxon Co. for invoice of July 3. 14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6. 19 Purchased merchandise from Southmont Co., \$18,900, terms FOB shipping point, n/eom. 19 Paid freight of $140 on July 19 purchase from Southmont Co. 20 Purchased merchandise from Stevens Co., $33,000, terms FOB destination, 1/10, n/30. 30 Paid Stevens Co. for invoice of July 20. 31 Paid Sabol Imports Co. for invoice of July 1. 31 Paid Southmont Co. for invoice of July 19. Journalize the entries to record the transactions of Betz Company for July. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Betz Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 130 Inventory EXPENSES 131 Estimated Returns Inventory 510 Cost of Goods Sold 140 Office Supplies 521 Delivery Expense 141 Store Supplies 522 Advertising Expense 142 Prepaid Insurance 524 Depreciation Expense-Store Equipment 180 Land 525 Depreciation Expense-Office Equipment 192 Store Equipment 526 Salaries Expense 193 Accumulated Depreciation-Store Equipment 531 Rent Expense 194 Office Equipment 533 Insurance Expense 195 Accumulated Depreciation-Office Equipment 534 Store Supplies Expense 535 Office Supplies Expense LIABILITIES 536 Credit Card Expense 211 Accounts Payable-Sabol Imports Co. 539 Miscellaneous Expense 212 Accounts Payable-Saxon Co. 710 Interest Expense 213 Accounts Payable-Schnee Co. 180 Land 525 Depreciation Expense-Office Equipment 192 Store Equipment 526 Salaries Expense 193 Accumulated Depreciation-Store Equipment 531 Rent Expense 194 Office Equipment 533 Insurance Expense 195 Accumulated Depreciation-Office Equipment 534 Store Supplies Expense 535 Office Supplies Expense LIABILITIES 536 Credit Card Expense 211 Accounts Payable-Sabol Imports Co. 539 Miscellaneous Expense 212 Accounts Payable-Saxon Co. 710 Interest Expense 213 Accounts Payable-Schnee Co. 214 Accounts Payable-Southmont Co. 215 Accounts Payable-Stevens Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Journalize the entries to record the transactions of Betz Company for July. Refer to the Chart of Accounts for exact wording of account titlesStep by Step Solution
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