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CHART OF ACCOUNTSBeartooth Co.General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store
CHART OF ACCOUNTSBeartooth 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 |
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 |
EQUITY | |
---|---|
310 | Common Stock |
311 | Retained Earnings |
312 | Dividends |
313 | Income Summary |
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-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 ACCOUNTSSummit CompanyGeneral Ledger
ASSETS | |
---|---|
110 | Cash |
121 | Accounts Receivable-Beartooth Co. |
125 | Notes Receivable |
130 | Inventory |
131 | Estimated Returns 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-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 |
313 | Income Summary |
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-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
|
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, 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, 1/10, n/30. Summit Company 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. | |
25 | Beartooth Co. paid Summit Company on account for purchase of August 15. | |
31 | Beartooth Co. paid Summit Company on account for purchase of August 5. |
Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles.
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