Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Purchase-related transactions using perpetual Inventory system Instructions Chart of Accounts Journal Instructions 3 5 6 The toewing selected transactions were completed by Dot Company during

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Purchase-related transactions using perpetual Inventory system Instructions Chart of Accounts Journal Instructions 3 5 6 The toewing selected transactions were completed by Dot Company during July of the current year, tete Company on the net method under a perpetuat inventory witom July 1 Purchased merchandise from Sabol importe Co. $13,392, terma FO destination, woo Purchased merchandise from Saxon Co., $10,850, terme FOB shipping point, 2/10, veom. Prepaid freight of $240 was added to the invoice. Purchased merchandise from Schnee Co., $15.700, Serms FOB destination, 2/10, 130 Issued debit memo to Schnoo Co for merchandise with an Irwoice amount of $4,850 returned from purchase on July 5. 13 Paid Saxon Co, for invoice of July 3. Pald Schnee Co for invoice of July 5, less debit momo of July 6, Purchased merchandise from Southmont Co. $29,840, torms FOB shipping point, nicom, 19 Pald freight of $410 on July 10 purchase from Southmont Co. 20 Purchased merchandise from Stevens Co., 822,200, torms FO destination, 1/10,000, 30 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 14 19 31 31 Chart of Accounts CHART OF ACCOUNTS Betz Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense ol Chart of Accounts 195 Accumulated Depreciation Office Equipment LIABILITIES 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense 211 Accounts Payable-Sabol Imports Co. 212 Accounts Payable-Saxon Co. 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 Instructions Chart of Accounts Journal Journal Journalize the entries to record the transactions of Betz Company for July refer to the Chart of Accounts for exact wording of account titles PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTRES OT CREDIT ASSETS LIABILITIES EQUITY 1 2 1 4 5 6 7 - 19 11

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

GAO Yellow Book Government Auditing Standar

Authors: Comptroller General United States Government

2011edition

1479245577, 978-1479245574

More Books

Students also viewed these Accounting questions