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. July 1 Purchased merchandise from Sabol Imports Co., $13,377, terms FOB destination, n/30. Purchased merchandise from Saxon Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice. Purchased merchandise from Schnee Co., $14,350, terms FOB destination, 2/10, n/30. Issued debit memo to Schnee Co. for merchandise with an invoice amount of $5,000 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., $25,850, terms FOB shipping point, n/eom. 19 Paid freight of $430 on July 19 purchase from Southmont Co. 20 Purchased merchandise from Stevens Co., $23,000, 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 Company for July. Refer to the Chart of Accounts for exact wording of account titles.

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. July 1 Purchased merchandise from Sabol Imports Co., $13,377, terms FOB destination, n/30. Purchased merchandise from Saxon Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice. Purchased merchandise from Schnee Co., $14,350, terms FOB destination, 2/10, n/30. Issued debit memo to Schnee Co. for merchandise with an invoice amount of $5,000 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., $25,850, terms FOB shipping point, n/eom. 19 Paid freight of $430 on July 19 purchase from Southmont Co. 20 Purchased merchandise from Stevens Co., $23,000, 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 Company for July. Refer to the Chart of Accounts for exact wording of account titles.

Name: JournalJournalize the entries to record the transactions of Betz Comp
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: JournalJournalize the entries to record the transactions of Betz Company for July. Refer to the Chart of Accounts for exact wording of account titles.JOURNALACCOUNTINGDATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABIL3568910111213141516171819202122232

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

The following merchandise transactions occurred in December. Both cormpanies use a perpetual inventory systerm.Dec.3.Wildhorse Company sold merchandise to Blossom Co. for $40,000, terms 2/10, n/30, FOB destination. This merchandisecost Wildhorse Company $18,000.4The correct company paid freight charges of $800.8Blossom Co. returned unwanted merchandise to Wildhorse. The returned merchandise had a sale price of $2,500 and acost of $990. It was restored to inventory.13Wildhorse Company received the balance due from Blossom Co. Assuming that Blossorm Co. had a balance in Merchandise Inventory on Decerber 1 of $6,000, determine the balance in theMerchandise Inventory account at the end of Decermber for Blossormn Co.
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.
Shore Co. sold merchandise to Blue Star Co. on account, $32,400, terms FOB shipping point, 2/15, n/30. The cost of the goods sold is $17,500. Shore paid freight of $900. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles.
Accounting Abacus Ltd undertook the following transactions during May 2022. May. 1 Purchased $18,480 inventory; terms 1/10, n/30. 8 Returned $1,980 of the inventory purchased on May 1. 16 Sold inventory on credit for $8,745. Cost of the inventory sold was $5,700. Required: a) Prepare the journal entries to record the transactions using periodic inventory system. GST apply, and assuming that all the prices are GST inclusive. b) Prepare the journal entries to record the 8th and 16th transactions using perpetual inventory system. Ignore GST.
What did you guys get on this one?
The Freight In account is debited for the cost of transportation charges on incoming merchandise intended for resale. Freight costs that apply to non-merchandise assets purchased are added to the asset account that applies. Record the following transaction for Robert Corporation in general journal form. • Nov. 14 Bought merchandise on account from Trexel, Inc., invoice no. A2051, $2,225; terms net 30 days; dated November 13; FOB shipping point, freight prepaid and added to the invoice, $100.50 (total $2,325.50). • Nov. 24 Robert Corporation received credit memo no. 213 from Trexel, Inc., for merchandise returned, $125 If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. DATE Nov. 14 Nov. 24 GENERAL JOURNAL DESCRIPTION Purchased merchandise from Trexel Inc., invoice no. A2051, invoice dated Nov 13, terms n/30. Credit memo no. 213 for return of merchandise. POST. REF. DEBIT CREDIT
Current Attempt in Progress Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. Purchased calculators from Dragoo Co. at a total cost of $1,580, on account, terms n/30 FOB shipping point. 6. Paid freight of $49 on calculators purchased from Dragoo Co. Returned calculators to Dragoo Co. for $62 credit because they did not meet specifications. Sold calculators costing $480 for $680 to Fryer Book Store, on account, terms n/30. Granted credit of $46 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $36. 10 12 14 20 Sold calculators costing $560 for $800 to Heasley Card Shop, on account, terms n/30. Journalize the September transactions for Office Depot. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the…
Presented below are selected transactions for Flounder Company during September and October of the current year. Flounder uses a periodic inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $49,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $2,240 of damaged goods purchased from Hillary Company on September 1. 15 Sold the remaining merchandise purchased from Hillary Company to Irvine Company for $116,900, terms 2/10, n/30, FOB destination. 16 The correct company paid $2,500 of freight charges on the September 15 sale of merchandise. 17 Issued Irvine Company a credit of $5,600 for returned goods. These goods had cost Flounder Company $3,000 and were returned to inventory. 25 Received the balance owing from Irvine Company for the September 15 sale. 30 Paid Hillary Company the balance…
[The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $25,000. The following inventory transactions occurred during the month: The company purchased inventory on account for $37,000 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $600 were paid in cash. On October 31, Autumn paid for the inventory purchased on October 12 During October inventory costing $19,500 was sold on account for $30,000. It was determined that inventory on hand at the end of October cost $42,360. Assuming Autumn Company uses a periodic inventory system, prepare journal entries for the above transactions including the adjusting entry at the end of October to record cost of goods sold. Autumn considers purchase discounts lost as part of interest expense.
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. 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…
Penultimate Company uses a perpetual inventory system and has a December 31 year-end. Its records show the following data for the current year: Inventory beginning of year per General Ledger - 36,450 Inventory end of year unadjusted per General Ledger - $35,000 Purchases during the year - $60,000 Physical inventory count end of year - 43,900 Accounts Payable invoices dated December for inventory purchases ordered but in transit at year end - $6,000 Trade terms with suppliers – Net 30 days, FOB destination Required 1: Assuming no other transaction happened, what value will show on Penultimate's year end balance sheet for inventory? $ Required 2: Assuming no other transaction happened, what value will show on Ultimate's Income Statement as the Cost of Goods Sold? $ Required 3: Assuming no other transaction happened, what was the amount of Merchandise Available For Sale? $
a. Differentiate between periodic inventory system and perpetual inventory system from an accounting point of view.b. Amanda Wholesale Company purchases merchandise from a variety of manufactures andsells the merchandise to a variety of retailers. The following transactions occurred duringFebruary 2020:Feb. 2. Purchased $7,600 of merchandise from Zenith manufacturing; terms are1/10, n/30.5. Paid $270 freight on February 2 purchase.11. Paid Zenith for the February 2 purchase.13. Purchased $5,000 of merchandise of Forbes Manufacturing; terms are 2/10, n/4.16. Received a $300 allowance (purchases return) for returned items on the February 13 purchase since some of the merchandise was the wrong size.17. Purchased $4,200 of merchandise from Toddler industries; terms are 2/10, n/3020. Sold merchandise with a list price of $4,000 ($2,200 cost) to valley mart.22. Valley mart returned 20% of the merchandise from the February 20 sales.23. Paid Forbes manufacturing for the February 13…