ne following selected transactions were ocompleted by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system. July Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n30. Purchased merchandise trom Saxon Co. $12.000, terms FOB shipping point, 2/10, nieom. Prepaid freight of $75 was added to the invoice. Purchased merchandise from Schnee Co., $8,000, terms FOB destination, 2/10, n30. 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, tems FOB shipping point, nveom 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. Journalize the entries to record the transactions of Betz Companty for July Refer to the Chart of Accounts for exact wording of account ities

ne following selected transactions were ocompleted by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system. July Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n30. Purchased merchandise trom Saxon Co. $12.000, terms FOB shipping point, 2/10, nieom. Prepaid freight of $75 was added to the invoice. Purchased merchandise from Schnee Co., $8,000, terms FOB destination, 2/10, n30. 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, tems FOB shipping point, nveom 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. Journalize the entries to record the transactions of Betz Companty for July Refer to the Chart of Accounts for exact wording of account ities

Name: The following selected transactions were completed by Betz Company du
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 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.JulyPurchased merchandise from Sabol Imports Co., $20,500, terms FOB destination,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On June 10, Sheffield Corp. purchased $8,700 of merchandise on account from Concord Company, FOB shipping point, terms 3/10, n/30. Sheffield Corp. pays the freight costs of $600 on June 11. Goods totaling $700 are returned to Concord for credit on June 12. On June 19, Sheffield Corp. pays Concord Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Sheffield Corp.. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Rate Account Titles and Explanation ما Debit Credit
Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $110,600, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,360. Shore paid freight of $1,900. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank.
On June 10, Sunland Company purchased $7,800 of merchandise from Blossom Company, terms 4/10, n/30. Sunland Company pays the freight costs of $370 on June 11. Goods totaling $800 are returned to Blossom Company for credit on June 12. On June 19, Sunland Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system (b) Prepare separate entries for each transaction for Blossom Company. The merchandise purchased by Blossom Company on June 10 cost McGiver $3,180, and the goods returned cost Blossom Company $210. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date…
Bisson Corp unes a perpetual inventory system. The company had the following inventory transactions in Apr Purchased merchandise from Groupe Lad for $28.560, terma n/30 Fl shipping point The appropriate company paid freight costs of $714 on the merchandine purchased on April 3 7 Purchased supplies on account for $5.100 Apr 3 30 1. 2 3 Returned merchandise to Grouper and received a credit of $3.570 The merchandise was returned to inventory for future rese Paid the amount due to Grouperin ful Additional information: The cost of the merchandise sold on Aprit 3 was $19.380. Grouper expected a return rate of 15% The cost of the merchandise returned on April was $2.346 Grouper uses a perpetual inventory system Record the transactions in the books of Grouper Lht all debit entries before credit entries. Cet account des ant automatically indented when the amount is entered De not indent manually if ne entry is requirest, select "No Entry for the account titles and enter Ofor the amounts econd…
Journalize the following inventory merchandise transactions for both Sampson and Batson, assuming that the both Sampson and Batson uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms 2/15, net 45. The cost of the merchandise sold is $25,650. 6 Batson Co. paid the invoice within the discount period.
Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company. Both companies use the net method under a perpetual inventory system. Ap 2. Swan Company sold merchandise on account to Bird Company, $54,800, terms FOB shipping point, 2/10, n/30. Swan paid freight of $1,620, which was added to the invoice. The cost ef the goods sold was $33,180. 8. Swan Company sold merchandise on account to Bird Company, $48,300, terms FOB destination, 1/15, n/eom. The cost of the goods sold was $25,920. 8. Swan Company paid freight of $1,205 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 23. Bird Company paid Swan Company for purchase of April 24. Swan Company sold merchandise on account to Bird Company, $66,060, terms FOB shipping point, n/eom. The cost of the goods sold was $37,140. 25. Swan…
The following selected transactions were completed by Capers Company during October of the current year:Oct. 1. Purchased merchandise from UK Imports Co., $14,448, terms FOB destination, n/30.3. Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice.4. Purchased merchandise from Taco Co., $13,650, terms FOB destination, 2/10, n/30.6. Issued debit memo to Taco Co. for $4,550 of merchandise returned frompurchase on October 4.Oct. 13. Paid Hoagie Co. for invoice of October 3.14. Paid Taco Co. for invoice of October 4 less debit memo of October 6.19. Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, n/eom.19. Paid freight of $400 on October 19 purchase from Veggie Co.20. Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination, 1/10, n/30.30. Paid Caesar Salad Co. for invoice of October 20.31. Paid UK Imports Co. for invoice of October 1.31. Paid Veggie Co. for invoice…
Journalze for the following related transactions of Lilly Heating & Air Company using the net method under a perpetual inventory system. Purchased 55,100 of merchandise from Schell account, terms 1/10, n/30 paid the amount owed on the invoice discovered that merchandise with an invoice amount of 7,200 purchased in (a) was defective and returned items, receiving credit. Purchased $6200 of merchandise from Schell Co. on account, terms n/30. Received a refund from Schell Co. for return in (C) less the purchase in (D)
On June 10, Blue Spruce Company purchased $8,400 of merchandise on account from Ayayai Company, FOB shipping point, terms 3/10, n/30. Blue Spruce pays the freight costs of $460 on June 11. Goods totaling $700 are returned to Ayayai for credit on June 12. On June 19, Blue Spruce pays Ayayai Company in full, less the discount. Both companies use a perpetual inventory system.
Please help me
Travis Company purchased merchandise on account from a supplier for $14,000, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, journalize these transactions. If an amount box does not require an entry, leave it blank. a. b.
What did you guys get on this one?