The folowing selected transactions were completed by Betz Company during July of the cunent year Betz Company uses the net method under a perpetual inventory system July 1 Purchased merchandise from Sabol imports Co. $13,725, terms FOB destination, n30. Purchased merchandise from Saxon Co. $10,550, terms FOB shipping pont, 210, neom. Prepaid treight of $205 was added to the invoice. Purchased merchandise trom Schnee Co. $12,800, terms FOB destination 2/10, n30. el Issued debit memo to Schnee Co for merchandise with an involce amount of 54,560 returned btrom purchase on July 5 13 Paid Saxon Co. for invoice of July a 14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6. 19 Purchased merchandise from Southmont Co. $20,100, terms FOB shipping point, nieom,
The folowing selected transactions were completed by Betz Company during July of the cunent year Betz Company uses the net method under a perpetual inventory system July 1 Purchased merchandise from Sabol imports Co. $13,725, terms FOB destination, n30. Purchased merchandise from Saxon Co. $10,550, terms FOB shipping pont, 210, neom. Prepaid treight of $205 was added to the invoice. Purchased merchandise trom Schnee Co. $12,800, terms FOB destination 2/10, n30. el Issued debit memo to Schnee Co for merchandise with an involce amount of 54,560 returned btrom purchase on July 5 13 Paid Saxon Co. for invoice of July a 14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6. 19 Purchased merchandise from Southmont Co. $20,100, terms FOB shipping point, nieom,
The folowing selected transactions were completed by Betz Company during July of the cunent year Betz Company uses the net method under a perpetual inventory system July 1 Purchased merchandise from Sabol imports Co. $13,725, terms FOB destination, n30. Purchased merchandise from Saxon Co. $10,550, terms FOB shipping pont, 210, neom. Prepaid treight of $205 was added to the invoice. Purchased merchandise trom Schnee Co. $12,800, terms FOB destination 2/10, n30. el Issued debit memo to Schnee Co for merchandise with an involce amount of 54,560 returned btrom purchase on July 5 13 Paid Saxon Co. for invoice of July a 14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6. 19 Purchased merchandise from Southmont Co. $20,100, terms FOB shipping point, nieom,
Journalize the entry to record the transaction of betz company for july
Transcribed Image Text:The foliowing selected transactions were completed by Betz Company during July of the curent year Betz Company uses the net method under
a perpetual inventory system
July
Purchased merchandise from Sabol Imports Co, $13,725, terms FOB destination, n/30.
Purchased merchandise from Saxon Co. $10,550, terms FOB shipping point, 2/10, nieom. Prepaid
treight of $205 was added to the invoice.
Purchased merchandise from Schnee Co. $12,800, terma FOB destination, 2/10, n30,
el Issued debit memo to Schnee Co. for merchandise with an involce amount of 54,560 returned from
purchase on July 5
13
Paid Saxon Co. for invoice of July 3.
14
Paid Schnee Co. for involce of July 5, less debit memo of July 6.
19
Purchased merchandise from Southmont Co. $20.160, terms FOB shipping point, veom.
Transcribed Image Text:13
Paid Saxon Co. for involce of July 3
14
Paid Schnee Co. for invoice of July 5, less debit memo of July 6.
10
Purchased merchandise trom Southmont Co, $29,160, terms FOB shipping point, nieom
19
Paid freight of S425 on July 19 purchase from Southmont Co.
20
Purchased merchandise from Stevens Co. $22,400, terms FOB destination, 1/10, n30.
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 tles
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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