ok rchase-related transactions using perpetual inventory system Instructions Chart of Accounts Journal Instructions 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 5 Purchased merchandise from Schnee Co., $8,000, terms FOB destination, 2/10, n/30. 6 freight of $75 was added to the invoice. Issued debit memo to Schnee Co. for merchandise with an invoice amount of $1,500 returned from purchase on July 5. Paid Schnee Co. for invoice of July 5, less debit memo of July 6. 13 Paid Saxon Co. for invoice of July 3. 14 19 19 20 Purchased merchandise from Southmont Co., $18,900, terms FOB shipping point, neom 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. Paid Stevens Co. for invoice of July 20 30 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. hase-related transactions using perpetual inventory system structions Chart of Accounts Journal tructions Journal Shaded cells have feedback. X DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS 1 Jul. 1 Accounts Payable-Sabol Imports Co. 20,500.00 LIABILITIES EQUITY 2 Inventory 20,500.00 Jul 3" Accounts Payable-Saxon Co. 11,760.00 T Inventory 11,760.00 3 Cash Inventory 7 Jul. 5 Inventory 75.00 75.00 Accounts Payable-Schnee Co. Jul. 6 Accounts Payable-Schnee Co. 7,840.00 7,840.00 T V 1,470.00 10 Inventory 1,470.00 11 Jul. 13 Accounts Payable-Saxon Co. 11,760.00 12 Cash 11,760.00 13 Jul. 14' Cash 6,370.00 14 Accounts Payable-Schnee Co. 6,370.00 15 Jul 19 Jo Accounts Payable-Southmont Co. 18,900.00 16 Inventory 18,900.00 17 Cash 140.00 Inventory 140.00 Accounts Dunbia. Simms Ca 1470.00 ck My Work 1 more Check My Work uses remaining. Previous Next