Jul. 31 Accounts Payable-Southmont Co. Cash 18,900.00 18,900.00 ↓

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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i have rows 1-24 filled out but don't know what to put for the remaining rows?

22
23
24
25
26
27
Cash
Jul. 31 Accounts Payable-Southmont Co.
Cash
Retained Earnings
Retained Earnings
Dividends
18,900.00
20,500.00
18,900.00
↓
↓
Transcribed Image Text:22 23 24 25 26 27 Cash Jul. 31 Accounts Payable-Southmont Co. Cash Retained Earnings Retained Earnings Dividends 18,900.00 20,500.00 18,900.00 ↓ ↓
Instructions
The following selected transactions were completed by Betz Company during July of the current year:
July
1 Purchased merchandise from Sabol 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
freight of $75 was added to the invoice.
5
Purchased 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
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, terms FOB shipping point, n/eom.
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.
Required:
Journalize the entries to record the transactions of Betz Company for July.
Transcribed Image Text:Instructions The following selected transactions were completed by Betz Company during July of the current year: July 1 Purchased merchandise from Sabol 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 freight of $75 was added to the invoice. 5 Purchased 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 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, terms FOB shipping point, n/eom. 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. Required: Journalize the entries to record the transactions of Betz Company for July.
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