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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 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. |
CHART OF ACCOUNTSBetz CompanyGeneral Ledger
ASSETS | |
110 | Cash |
120 | |
125 | Notes Receivable |
130 | Inventory |
131 | Estimated Returns Inventory |
140 | Office Supplies |
141 | Store Supplies |
142 | Prepaid Insurance |
180 | Land |
192 | Store Equipment |
193 | |
194 | Office Equipment |
195 | Accumulated Depreciation-Office Equipment |
LIABILITIES | |
211 | Accounts Payable-Sabol Imports Co. |
212 | Accounts Payable-Saxon Co. |
213 | Accounts Payable-Schnee Co. |
214 | Accounts Payable-Southmont Co. |
215 | Accounts Payable-Stevens Co. |
216 | Salaries Payable |
218 | Sales Tax Payable |
219 | Customer Refunds Payable |
221 | Notes Payable |
EQUITY | |
310 | Common Stock |
311 | |
312 | Dividends |
REVENUE | |
410 | Sales |
610 | Interest Revenue |
EXPENSES | |
510 | Cost of Goods Sold |
521 | Delivery Expense |
522 | Advertising Expense |
524 | Depreciation Expense-Store Equipment |
525 | Depreciation Expense-Office Equipment |
526 | Salaries Expense |
531 | Rent Expense |
533 | Insurance Expense |
534 | Store Supplies Expense |
535 | Office Supplies Expense |
536 | Credit Card Expense |
539 | Miscellaneous Expense |
710 | Interest Expense |
Journalize the entries to record the transactions of Betz Company for July. Refer to the Chart of Accounts for exact wording of account titles.

Transcribed Image Text:Purchase-related transactions using perpetual inventory system
Instructions Chart of Accounts Journal
Instructions
Jol
Chart of Accounts
Journal
Journalize the entries to record the transactions of Betz Company for July. Refer to the Chart of Accounts for exact wording of account titles.
1
2
3
DATE
DESCRIPTION
JOURNAL
POST. REF.
DEBIT
CREDIT
X
ASSETS
ACCOUNTING EQUATION
PAGE 10
LIABILITIES
EQUITY
▸
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