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 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.InstructionsJournalize the entries to record the transactions of Betz Company for July.

Journal entries are recording of the transaction in the accounting journal in a chronological order.…

Answered: The following selected transactions…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 5PB

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Question

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 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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