Purchase-related transcations using perpetual inventory system The following. selected transactions were completed by Betz Company during July of the current year: July 1. Purchased merchandise from Sabot 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 frieght of $75 was added to the invoive. 5. purcgased 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 purchases on July 5. 13. Paid Saxon Co for invouce of July 3. 14. Paid Schnee Co.for invouve of July 4, less debit memo of july 6. 19. Purchased merchandies from Southmont Co,$18,900,terms FOB shipping point n/eom. 19. paid freight of $140 on July 19 from Southmont Co. 20. Purchased merchandise from Stevens Co,$33,000,terms FOB destination.1/10, n/30. 30.Paid Stevens Co for invove of July 20. 31. Paid Salot Imports Co.for invoice of July 1. Instructions Journalize the entries to record the transactions of Betz Company for July.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Purchase-related transcations using perpetual inventory system

The following. selected transactions were completed by Betz Company during July of the current year:

July 1. Purchased merchandise from Sabot 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 frieght of $75 was added to the invoive.

5. purcgased 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 purchases on July 5.

13. Paid Saxon Co for invouce of July 3.

14. Paid Schnee Co.for invouve of July 4, less debit memo of july 6.

19. Purchased merchandies from Southmont Co,$18,900,terms FOB shipping point n/eom.

19. paid freight of $140 on July 19 from Southmont Co.

20. Purchased merchandise from Stevens Co,$33,000,terms FOB destination.1/10, n/30.

30.Paid Stevens Co for invove of July 20.

31. Paid Salot Imports Co.for invoice of July 1.

Instructions

Journalize the entries to record the transactions of Betz Company for July.

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