Selected transactions for Betz Company during July of the current year are listed in Problem 5-1A.

Instructions

Journalize the entries to record the transactions of Betz Company for July using the periodic inventory system.

Problem 5-1A.

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2:

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Cash $ 240,000 Retained Earnings $ 2,949,100 Accounts Receivable 966,000 Dividends 100,000 Inventory 1,690,000 Sales 11,343,000 Estimated Returns Inventory 22,500 Cost of Goods Sold 7,850,000 Office Supplies Prepaid Insurance Office Equipment Sales Salaries Expense Advertising Expense 13,500 916,000 8,000 550,000 830,000 Depreciation Expense- Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment Miscellaneous Selling Expense Office Salaries Expense 140,000 550,000 38,000 3,600,000 650,000 Rent Expense Depreciation Expense- Office Equipment 94,000 Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable (final payment due in 6 years) 1,820,000 326,000 50,000 40,000 48,000 Insurance Expense Office Supplies Expense Miscellaneous Administrative Exp. Interest Expense 41,500 28,100 14,500 300,000 21,000 Common Stock 500,000