The previous answer I received was incorrect. The journal entry needs to use the PERIODIC INVENTORY system AND there are a total 28 journal entries for the journal.The following selected transactions were completed by Betz Company during July of the current year:July1Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n/30. 3Purchased merchandise from Saxon Co., $12,000, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $75 was added to the invoice. 5Purchased merchandise from Schnee Co., $8,000, terms FOB destination, 2/10, n/30. 6Issued debit memo to Schnee Co. for merchandise with an invoice amount of $1,500 returned from purchase on July 5. 13Paid Saxon Co. for invoice of July 3. 14Paid Schnee Co. for invoice of July 5, less debit memo of July 6. 19Purchased merchandise from Southmont Co., $18,900, terms FOB shipping point, n/eom. 19Paid freight of $140 on July 19 purchase from Southmont Co. 20Purchased merchandise from Stevens Co., $33,000, terms FOB destination, 1/10, n/30. 30Paid Stevens Co. for invoice of July 20. 31Paid Sabol Imports Co. for invoice of July 1. 31Paid Southmont Co. for invoice of July 19. Journalize the entries to record the transactions of Betz Company for July using the periodic inventory system. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSBetz CompanyGeneral Ledger ASSETS110Cash120Accounts Receivable125Notes Receivable130Inventory131Estimated Returns Inventory140Office Supplies141Store Supplies142Prepaid Insurance180Land192Store Equipment193Accumulated Depreciation-Store Equipment194Office Equipment195Accumulated Depreciation-Office Equipment LIABILITIES211Accounts Payable-Sabol Imports Co.212Accounts Payable-Saxon Co.213Accounts Payable-Schnee Co.214Accounts Payable-Southmont Co.215Accounts Payable-Stevens Co.216Salaries Payable218Sales Tax Payable219Customer Refunds Payable221Notes Payable EQUITY310Common Stock311Retained Earnings312Dividends REVENUE410Sales610Interest Revenue EXPENSES510Purchases511Purchases Returns and Allowances512Purchases Discounts513Freight In521Delivery Expense522Advertising Expense524Depreciation Expense-Store Equipment525Depreciation Expense-Office Equipment526Salaries Expense531Rent Expense533Insurance Expense534Store Supplies Expense535Office Supplies Expense536Credit Card Expense539Miscellaneous Expense710Interest Expense Journalize the entries to record the transactions of Betz Company for July using the periodic inventory system. Refer to the Chart of Accounts for exact wording of account titles.

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Description: The previous answer I received was incorrect. The journal entry needs to use the PERIODIC INVENTORY system AND there are a total 28 journal entries for the journal.The following selected transactions were completed by Betz Company during July of the

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Answered: 31 Paid Southmont Co. for invoice of…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 7PB: Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as...

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The previous answer I received was incorrect. The journal entry needs to use the PERIODIC INVENTORY system AND there are a total 28 journal entries for the journal.

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.

Journalize the entries to record the transactions of Betz Company for July using the periodic inventory system. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Betz Company

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
125	Notes Receivable
130	Inventory
131	Estimated Returns Inventory
140	Office Supplies
141	Store Supplies
142	Prepaid Insurance
180	Land
192	Store Equipment
193	Accumulated Depreciation-Store Equipment
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	Retained Earnings
312	Dividends

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Purchases
511	Purchases Returns and Allowances
512	Purchases Discounts
513	Freight In
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 using the periodic inventory system. Refer to the Chart of Accounts for exact wording of account titles.

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31 Paid Southmont Co. for invoice of July 19. Journalize the entries to record the transactions of Betz Company for July using the periodic inventory system. Refer to the Chart of Accounts for exact wording of account titles.