(1) Journalize the August transactions for Summit Company. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles. 'CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 531 Rent Expense 195 Accumulated Depreciation-Office Equipment 533 Insurance Expense 534 Store Supplles Expense 535 Office Supplies Expense LIABILITIES 211 Accounts Payable-Summit Company 536 Credit Card Expense 216 Salaries Payable 539 Miscellaneous Expense 218 Sales Tax Payable 710 Interest Expense 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Instructions Chart of Accounts-Summit Company 193 Accumulated Depreciation-Store Equipment 531 Rent Expense 194 Office Equipment 533 Insurance Expense 195 Accumulated Depreciation-Office Equipment 534 Store Supplies Expense 535 Office Supplies Expense LIABILITIES 536 Credit Card Expense 210 Accounts Payable 539 Miscellaneous Expense 216 Salaries Payable 710 Interest Expense 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends The following selected transactions were completed during August between Summit Company and Beartooth Co: Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination. n/15. 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 soid merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, neom. The cost of the goods sold was $40,000. 9 Beartooth C0. 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 Summa 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 retumed from the August 15 sale. The cost of the merchandise returned was $2,500. (2) Journalize the August transactions for Beartooth Co. Goneral Journal Instrogtions Chart of Accounts-Beartooth Co. CHART OF ACCOUNTS Beartooth Co. General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Detrociation Expenso-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 594 Dant Evmaneo