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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
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. |
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ournalize the entries to record the transactions of Betz Company for July. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
ACCOUNTING EQUATION
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