financial accounting 13e PR5-4A

PR 5-4A Sales-related and purchase-related transactions for seller and buyer 0BJ.2 The following selected transactions were completed during August between Summit Com- Aug. 1. Summit Company sold merchandise on account to Beartooth Co., $48,000, terms 2. Summit Company paid freight of $1,150 for delivery of merchandise sold to using perpetual inventory system pany and Beartooth Co.: FOB destination, 2/15, n/eom. The cost of the merchandise sold was $28,800. Beartooth Co. on August 1. FOB shipping point, n/eom. The cost of the merchandise sold was $40,000. 5. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms 5. Summit Company sold merchandise on account to Beartooth C rtooth Co. paid freight of $2,300 on August 5 purchase from Summit Company