CHART OF ACCOUNTS Summit Company General Ledger llowing selected transactions were completed during August between Summit Company and Beartooth Co: Aug. 1 Summit Company sold merchandise on account to Beartooth Co, $49,200, terms FOB destination, n/15. The cost of the goods sold was $27,580. 2 Summit Company paid freight of $1,115 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth C0,$68,150, terms FOB shipping.point. n/eom. The cost of the goods sold was $42,180. 9 Beartooth Co. paid freight of $2,230 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $61,100, terms FOB shipping point, n/45. Summit paid freight of $1,700, which was added to the invoice. The cost of the goods sold was $34,410. 16 Beartooth Co. paid Summit Company for purchase of August 1. 20 Summit Company paid Beartooth CO0 a cash refund of $1,100 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 $3,600 that was returned from the August 15 sale. The cost of the merchandise returned was $2,500. Required: Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. General Journal-Beartooth Co General Journal instructions 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts Payable-Summit Company 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Chart of Accounts-Beartooth Co. CHART OF ACCOUNTS Beartooth Co. General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Recelvable 130 inventory 131 Estimated Retums Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid insurance 180 Land 192 store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Orice Equipment LABILTIES 211 Accounts Payable-Summit Company 216 Salanes Payable 218 Sales Tax Payablo REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Olfice Equipment 526 Salaties Expense 531 Rent Expense 533 insurance Expense 534 Store Supplies Expense 535 Ofice Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense (1) Journalize the August transactions for Summit Company General dournal instructions 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense CHART OF ACCOUNTS Summit Company General Ledger llowing selected transactions were completed during August between Summit Company and Beartooth Co: Aug. 1 Summit Company sold merchandise on account to Beartooth Co, $49,200, terms FOB destination, n/15. The cost of the goods sold was $27,580. 2 Summit Company paid freight of $1,115 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth C0,$68,150, terms FOB shipping.point. n/eom. The cost of the goods sold was $42,180. 9 Beartooth Co. paid freight of $2,230 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $61,100, terms FOB shipping point, n/45. Summit paid freight of $1,700, which was added to the invoice. The cost of the goods sold was $34,410. 16 Beartooth Co. paid Summit Company for purchase of August 1. 20 Summit Company paid Beartooth CO0 a cash refund of $1,100 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 $3,600 that was returned from the August 15 sale. The cost of the merchandise returned was $2,500. Required: Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. General Journal-Beartooth Co General Journal instructions 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts Payable-Summit Company 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Chart of Accounts-Beartooth Co. CHART OF ACCOUNTS Beartooth Co. General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Recelvable 130 inventory 131 Estimated Retums Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid insurance 180 Land 192 store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Orice Equipment LABILTIES 211 Accounts Payable-Summit Company 216 Salanes Payable 218 Sales Tax Payablo REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Olfice Equipment 526 Salaties Expense 531 Rent Expense 533 insurance Expense 534 Store Supplies Expense 535 Ofice Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense (1) Journalize the August transactions for Summit Company General dournal instructions 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense