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., $13,701, terms FOB destination, n/30. |
3 | Purchased merchandise from Saxon Co., $8,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $225 was added to the invoice. | |
5 | Purchased merchandise from Schnee Co., $13,450, terms FOB destination, 2/10, n/30. | |
6 | Issued debit memo to Schnee Co. for merchandise with an invoice amount of $4,250 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., $28,290, terms FOB shipping point, n/eom. | |
19 | Paid freight of $420 on July 19 purchase from Southmont Co. | |
20 | Purchased merchandise from Stevens Co., $20,200, 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. |
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Solution:
Journal Entries - Betz Company | |||
Date | Particulars | Debit | Credit |
1-Jul | Inventory Dr | $13,701.00 | |
To Accounts payable - Sabol Imports Co. | $13,701.00 | ||
(To record merchandise purchased on account) | |||
3-Jul | Inventory Dr | $8,996.00 | |
To Accounts payable - Saxon Co. | $8,996.00 | ||
(To record merchandise purchased on account) | |||
5-Jul | Inventory Dr | $13,181.00 | |
To Accounts payable - Schnee Co. | $13,181.00 | ||
(To record merchandise purchased on account) | |||
6-Jul | Accounts payable - Schnee Co. Dr | $4,165.00 | |
To Inventory | $4,165.00 | ||
(To record merchandise returned) | |||
13-Jul | Accounts payable - Saxon Co. Dr | $8,996.00 | |
To Cash | $8,996.00 | ||
(To record payment for accounts payable) | |||
14-Jul | Accounts payable - Schnee Co. Dr | $9,016.00 | |
To Cash | $9,016.00 | ||
(To record payment for accounts payable) | |||
19-Jul | Inventory Dr | $28,290.00 | |
To Accounts payable - Southmont Co | $28,290.00 | ||
(To record merchandise purchased on account) | |||
19-Jul | Inventory Dr | $420.00 | |
To Cash | $420.00 | ||
(To record freight payment) | |||
20-Jul | Inventory Dr | $19,998.00 | |
To Accounts payable - Stevens Co. | $19,998.00 | ||
(To record merchandise purchased on account) | |||
30-Jul | Accounts payable - Stevens Co. Dr | $19,998.00 | |
To Cash | $19,998.00 | ||
(To record payment for accounts payable) | |||
31-Jul | Accounts payable - Sabol Imports Co. Dr | $13,701.00 | |
To Cash | $13,701.00 | ||
(To record payment for accounts payable) | |||
31-Jul | Accounts payable - Southmont Co Dr | $28,290.00 | |
To Cash | $28,290.00 | ||
(To record payment for accounts payable) |
The following selected transactions were completed by Betz Company during July of the current year. Betz...
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., $13,701, terms FOB destination, n/30. 3 Purchased merchandise from Saxon Co., $8,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $225 was added to the invoice. 5 Purchased merchandise from Schnee Co., $13,450, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Schnee Co....
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.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...
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,377, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice. 4 Purchased merchandise from Taco Co., $14,350, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $5,000 of merchandise returned from purchase on October 4. 13...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year: Mar. 1. Purchased merchandise from Haas Co., $17,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $150 was added to the invoice. 5. Purchased merchandise from Whitman Co., $11,100, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $6,700, terms FOB destination, 1/10, n/30. 14. Issued debit memo...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year. Niles Co. uses the net method under a perpetual inventory system. Mar. 1. Purchased merchandise from Haas Co., $9,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice. 5. Purchased merchandise from Whitman Co., $13,639, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost...
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,031, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $9,150, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $205 was added to the invoice. 4 Purchased merchandise from Taco Co., $14,800, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $4,600 of merchandise returned from purchase on October 4. 13...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year, Niles Co. uses the net method under a perpetual inventory system. Mar. 1. Purchased merchandise from Haas Co., $9,150, terms FOB shipping point, 2/10, /eom. Prepaid freight of $210 was added to the invoice. 5. Purchased merchandise from Whitman Co., $14,376, terms FOB destination, 1/30. 10. Pald Haas Co. for invoice of March 1 13. Purchased merchandise from Jost...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year. Niles Co. uses the net method under a perpetual inventory system. Mar. 1.Purchased merchandise from Haas Co., $10,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice. 5.Purchased merchandise from Whitman Co., $15,717, terms FOB destination, n/30. 10.Paid Haas Co. for invoice of March 1. 13.Purchased merchandise from Jost Co., $12,850, terms FOB...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year: Mar. 1. Purchased merchandise from Haas Co., $13,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $250 was added to the invoice. 5. Purchased merchandise from Whitman Co., $10,550, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $7,400, terms FOB destination, 1/10, n/30. 14. Issued debit memo...
Sales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $82,000, trade discount 20%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $930 added to the invoice. 5. Purchased merchandise on account from Kester Co., $43,050, terms FOB destination, 2/10, n/30. 6. Sold merchandise on...