1) Journalize the August transactions for Summit Company Refer to the Chart of Accounts of the appropriate company for exact wording of account titles The following selected transactions were completed during August between Summit Company and Beartooth Co Both companies use the net method under a perpetual inventory system Aug 1 Summit Company sold merchandise on account to Beartooth Co , $48,000, terms FOB destination, 2 15, n eom The cost of the goods sold was $28,800 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co on August 1 5 Summit Company sold merchandise on account to Beartooth Co , $66,000, terms FOB shipping point, n eom The cost of the goods sold was $40,000 9 Beartooth Co paid freight of $2,300 on August 5 purchase from Summit Company 15 Summit Company sold merchandise on account to Beartooth Co , $58,700, terms FOB shipping point, n 45 Summit paid freight of $1,675, which was added to the invoice The cost of the goods sold was $35,000 16 Beartooth Co paid Summit Company for purchase of August 1 20 Summit Company paid Beartooth Co a cash refund of $1,000 for defective merchandise purchased on August 1 Beartooth Co kept the merchandise 31 Beartooth Co paid Summit Company on account for purchase of August 5 31 Summit Company issued Beartooth Co a credit memo for merchandise with an invoice amount of $4,000 that was returned from the August 15 sale The cost of the merchandise returned was $2,500 Instructions Chart of Accounts Summit Company ournal Summit Company 11 Accounts Receivable Beartooth Co Shaded cells have feedback 58,700 00 Aug 15 12 Sales 58,700 00 13 Cash 1,675 00 14 Aug 15 Cost of Goods Sold 35,000 00 15 35,000 00 Inventory Aug 16 Cash 16 47,040 00 1 17 Sales 960 00 18 Accounts Receivable Beartooth Co 48,000 00 19 Aug 20 Estimated Returns Inventory 1,000 00 1 20 Cash 1,000 00 21 Aug 31 Cash 66,000 00 1 22 Accounts Receivable Beartooth Co 66,000 00 1 Instructions Chart of Accounts Summit Company ournal Summit Company Shaded cells have feedbac JOURNAL Score 281 326 DATE DESCRIPTION POST REF DEBIT CREDIT 1 Aug 1 Accounts Receivable Beartooth Co 48,000 00 2 Sales 48,000 00 3 Aug 1 Cost of Goods Sold 28,800 00 4 Inventory 28,800 00 5 Aug 2 Delivery Expense 1,150 00 6 Cash 1,150 00 7 Aug 5 Accounts Receivable Beartooth Co 66,000 00 T 8 Sales 66,000 00 9 Aug 5 Cost of Goods Sold 40,000 00 10 Inventory 40,000 00 Instructions Chart of Accounts Summit Company ournal Summit Company Cash Shaded cells have feedback 1,000 00 Aug 31 Cash 66,000 00 1 Accounts Receivable Beartooth Co 66,000 00 1 23 Estimated Returns Inventory 4,000 00 1 24 Aug 31 Accounts Receivable Beartooth Co 4,000 00 25 Inventory 2,500 00 1 26 Cost of Goods Sold 2,500 00 Feedback Check My Work

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1) Journalize the August transactions for Summit Company. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles. The

1) Journalize the August transactions for Summit Company. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles.

The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies use the net method under a perpetual inventory system.

Aug.	1	Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,800.
	2	Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1.
	5	Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000.
	9	Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company.
	15	Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n/45. Summit paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000.
	16	Beartooth Co. paid Summit Company for purchase of August 1.
	20	Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co. kept the merchandise.
	31	Beartooth Co. paid Summit Company on account for purchase of August 5.
	31	Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of $4,000 that was returned from the August 15 sale. The cost of the merchandise returned was $2,500.

Instructions Chart of Accounts-Summit Company ournal-Summit Company 11 Accounts Receivable-Beartooth Co. Shaded cells have feedback. 58,700.00 Aug. 15 12 Sales 58,700.00 13 Cash 1,675.00 14 Aug. 15 Cost of Goods Sold 35,000.00 15 35,000.00 Inventory Aug. 16 Cash 16 47,040.00 1 17 Sales 960.00 18 Accounts Receivable-Beartooth Co. 48,000.00 + 19 Aug. 20 Estimated Returns Inventory 1,000.00 1 20 Cash 1,000.00 + 21 Aug. 31 Cash 66,000.00 1 22 Accounts Receivable-Beartooth Co. 66,000.00 1 Instructions Chart of Accounts-Summit Company ournal-Summit Company Shaded cells have feedbac JOURNAL Score: 281/326 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Aug. 1 Accounts Receivable-Beartooth Co. 48,000.00 2 Sales 48,000.00 3 Aug. 1 Cost of Goods Sold 28,800.00 4 Inventory 28,800.00 + 5 Aug.2 Delivery Expense 1,150.00 6 Cash 1,150.00 7 Aug. 5 Accounts Receivable-Beartooth Co. 66,000.00 T 8 Sales 66,000.00 9 Aug. 5 Cost of Goods Sold 40,000.00 10 Inventory 40,000.00 + Instructions Chart of Accounts-Summit Company ournal-Summit Company Cash Shaded cells have feedback. 1,000.00 Aug. 31 Cash 66,000.00 1 Accounts Receivable-Beartooth Co. 66,000.00 1 23 Estimated Returns Inventory 4,000.00 1 24 Aug. 31 Accounts Receivable-Beartooth Co. 4,000.00 + 25 Inventory 2,500.00 1 26 Cost of Goods Sold 2,500.00 Feedback Check My Work