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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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Work Save and Exit Submit Ass Email Instructor All work saved.
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 Work Save and Exit Submit Ass Email Instructor 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
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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