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.

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 3 Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n/30. Purchased merchandise from Saxon Co., $12,000, terms FOB shipping point, 2/10,n/eom. Prepaid freight of $75 was added to the invoice. Purchased merchandise from Schnee Co., $8,000, terms FOB destination, 2/10, 1/30. Issued debit memo to Schnee Co. for merchandise with an invoice amount of $1,500 returned from purchase on July 5. 5 6 13 Paid Saxon Co. for invoice of July 3. 14 Paid Schnee Co, for invoice of July 5, less debit memo of July 6. Purchased merchandise from Southmont Co., S18,900, terms FOB shipping point, n/eom. Paid freight of $140 on July 19 purchase from Southmont Co. Purchased merchandise from Stevens Co., $33.000, torms FOB destination, 1/10, 1/30. 19 20 30 31 31 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. Joumalize the entries to record the transactions of Betz Company for July. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL Score: 285/301 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. CREDIT ASSETS LIABILITIES EQUITY Jul. 1 Inventory DEBIT 20,500.00 Accounts Payable-Sabol Imports Co. 20,500.00 3 Inventory 12,075.00 Accounts Payable-Saxon Co. 12,075.00 5 Inventory 8,000.00 8,000.00 Accounts Payable-Schnee Co. Accounts Payable-Schnee Co. 6 1,500.00 Inventory 1,500.00 13 Accounts Payable-Saxon Co. 11,835.00 Cash 11,835.00 1 14 Accounts Payable-Schnee Co. 6,370.00 Cash 6,370.000 19 18,900.00 18,900.00 Inventory Accounts Payable-Southmont Co. Inventory Cash 19 140.00 140.00 + 20 Inventory 20,100.00 20,100.00 Accounts Payable-Stevens Co. Accounts Payable-Stevens Co. 30 32,670.000 Cash 32,670.00 31 Accounts Payable-Sabol Imports Co. 20,500.00 Cash 20,500.00 + 31 Accounts Payable-Southmont Co. 18,900.00 Cash 18,900.00