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.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
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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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