Obj. 2 PR 5-1A Purchase-related transactions using perpetual inventory system 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. 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. Copyright 2022 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the ellook and/or eChapter() Chapter 5 Accounting for Retail Businesses 295 July 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. Instructions Journalize the entries to record the transactions of Betz Company for July.