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 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.
31
Paid Southmont Co. for invoice of July 19.