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Chart of Accounts-Beartooth Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable J3y Iviscenlanleus Expense 710 Interest Expense EQUITY

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Chart of Accounts-Beartooth Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable J3y Iviscenlanleus Expense 710 Interest Expense 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., $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 Co., $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 C0.,$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 C. paid Summit Company for purchase of August 1. General Journal-Summit Company Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. Chart of Accounts-Summit Company I0 Accounts rayable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable 53y iviscellalleuus Experise 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Chart of Accounts-Beartooth Co. 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-Office Equipment LIABILITIES 211 Accounts Payable-Summit Company 216 Salaries Payable 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 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 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense 218 Sales Tax Pavable General Journal-Beartooth Co. 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 Co. 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

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