chandise from Sabol Imports Co., $13,201, tern chandise from Saxon Co., $10,050, terms FOB was added to the invoice.
chandise from Sabol Imports Co., $13,201, tern chandise from Saxon Co., $10,050, terms FOB was added to the invoice.
College Accounting (Book Only): A Career Approach
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ISBN:9781337280570
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Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...
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Journal
![tructions
o 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., $13,201, terms FOB destination, n/30.
Purchased merchandise from Saxon Co., $10,050, terms FOB shipping point, 2/10, n/eom. Prepaid
freight of $220 was added to the invoice.
Purchased merchandise from Schnee Co., $13,450, terms FOB destination, 2/10, n/30.
6
Issued debit memo to Schnee Co. for merchandise with an invoice amount of $4,100 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., $29,450, terms FOB shipping point, n/eom.
19
Paid freight of $395 on July 19 purchase from Southmont Co.
20
Purchased merchandise from Stevens Co., $22,000, 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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Transcribed Image Text:tructions
o 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., $13,201, terms FOB destination, n/30.
Purchased merchandise from Saxon Co., $10,050, terms FOB shipping point, 2/10, n/eom. Prepaid
freight of $220 was added to the invoice.
Purchased merchandise from Schnee Co., $13,450, terms FOB destination, 2/10, n/30.
6
Issued debit memo to Schnee Co. for merchandise with an invoice amount of $4,100 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., $29,450, terms FOB shipping point, n/eom.
19
Paid freight of $395 on July 19 purchase from Southmont Co.
20
Purchased merchandise from Stevens Co., $22,000, 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.
Previou
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All work saved.
![CHART OF ACCOUNTS
Betz Company
General Ledger
ASSETS
REVENUE
110 Cash
410 Sales
120 Accounts Receivable
610 Interest Revenue
125 Notes Receivable
130 Inventory
EXPENSES
131 Estimated Returns Inventory
510 Cost of Goods Sold
140 Office Supplies
521 Delivery Expense
141 Store Supplies
522 Advertising Expense
524 Depreciation Expense-Store Equipment
142 Prepaid Insurance
y Work
Emai](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F45a539d8-0175-49be-87b9-0888edd41698%2F8481a358-0ec5-4f3a-87f7-f126ac3bb62e%2Fkimxdd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:CHART OF ACCOUNTS
Betz Company
General Ledger
ASSETS
REVENUE
110 Cash
410 Sales
120 Accounts Receivable
610 Interest Revenue
125 Notes Receivable
130 Inventory
EXPENSES
131 Estimated Returns Inventory
510 Cost of Goods Sold
140 Office Supplies
521 Delivery Expense
141 Store Supplies
522 Advertising Expense
524 Depreciation Expense-Store Equipment
142 Prepaid Insurance
y Work
Emai
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