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/com. 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 4, 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. Instructions Journalize the entries to record the transactions of Betz Company for july.
Purchase-related transactions using perpetual inventory system
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/com. 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 4, 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.
Instructions
Journalize the entries to record the transactions of Betz Company for
july.
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