The following selected transactions were completed by Betz Company during July of the current year: July 1 Purchased merchandise from Sabol Imports Co., $13,322, terms FOB destination, n/30. 3 Purchased merchandise from Saxon Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $240 was added to the invoice. 5 Purchased merchandise from Schnee Co., $13,700, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Schnee Co. for merchandise with an invoice amount of $4,850 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., $29,840, terms FOB shipping point, n/eom. 19 Paid freight of $410 on July 19 purchase from Southmont Co. 20 Purchased merchandise from Stevens Co., $22,200, 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. Required: Journalize the entries to record the transactions of Betz Company for July.
The following selected transactions were completed by Betz Company during July of the current year: July 1 Purchased merchandise from Sabol Imports Co., $13,322, terms FOB destination, n/30. 3 Purchased merchandise from Saxon Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $240 was added to the invoice. 5 Purchased merchandise from Schnee Co., $13,700, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Schnee Co. for merchandise with an invoice amount of $4,850 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., $29,840, terms FOB shipping point, n/eom. 19 Paid freight of $410 on July 19 purchase from Southmont Co. 20 Purchased merchandise from Stevens Co., $22,200, 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. Required: Journalize the entries to record the transactions of Betz Company for July.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...
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The following selected transactions were completed by Betz Company during July of the current year:
| July | 1 | Purchased merchandise from Sabol Imports Co., $13,322, terms FOB destination, n/30. |
| 3 | Purchased merchandise from Saxon Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $240 was added to the invoice. | |
| 5 | Purchased merchandise from Schnee Co., $13,700, terms FOB destination, 2/10, n/30. | |
| 6 | Issued debit memo to Schnee Co. for merchandise with an invoice amount of $4,850 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., $29,840, terms FOB shipping point, n/eom. | |
| 19 | Paid freight of $410 on July 19 purchase from Southmont Co. | |
| 20 | Purchased merchandise from Stevens Co., $22,200, 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. |
Required:
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