Reference no: EM132740260
Problem - 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.
July 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.
July 5. Purchased merchandise from Schnee Co., $8,000, terms FOB destination, 2/10, n/30.
July 6. Issued debit memo to Schnee Co. for merchandise with an invoice amount of $1,500 returned from purchase on July 5.
July 13. Paid Saxon Co. for invoice of July 3.
July 14. Paid Schnee Co. for invoice of July 4, less debit memo of July 6.
July 19. Purchased merchandise from Southmont Co., $18,900, terms FOB shipping point, n/eom.
July 19. Paid freight of $140 on July 19 purchase from Southmont Co.
July 20. Purchased merchandise from Stevens Co., $33,000, terms FOB destination, 1/10, n/30.
July 30. Paid Stevens Co. for invoice of July 20.
July 31. Paid Sabol Imports Co. for invoice of July 1.
July 31. Paid Southmont Co. for invoice of July 19.
Required - Journalize the entries to record the transactions of Betz Company for July.
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