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The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies use the net method under a perpetual inventory system.

Aug 1 Summit Company sold merchandise on account to Beartooth Co., $48,300, termsFOB destination, 2/15, n/eom. Thecost of the goods soldwas $29,960.

Aug 2 Summit Company paid freight of $1,230 for delivery of merchandise sold to Beartooth Co. on August 1.

Aug 5 Summit Company sold merchandise on account to Beartooth Co., $70,210, termsFOB shipping point, n/eom. The cost of the goods sold was $38,490.

Aug 9 Beartooth Co. paid freight of $2,450 on August 5 purchase from Summit Company.

Aug 15 Summit Company sold merchandise on account to Beartooth Co., $55,200, terms FOB shipping point, n/45. Summit paid freight of $1,795, which was added to the invoice. The cost of the goods sold was $33,780.

Aug 16 Beartooth Co. paid Summit Company for purchase of August 1.

Aug 20 Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co. kept the merchandise.

Aug 31 Beartooth Co. paid Summit Company on account for purchase of August 5.

Aug 31 Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of $3,700 that was returned from the August 15 sale. The cost of the merchandise returned was $2,200.

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.

CHART OF ACCOUNTS

Summit Company

General Ledger

CHART OF ACCOUNTS - SUMMIT COMPANY

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

REVENUE

410Sales

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 ACCOUNTS - BEARTOOTH CO.

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

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

(1) Journalize the August transactions for Summit Company. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles.

JOURNAL-SUMMIT COMPANY

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JOURNAL-BEARTOOTH CO.

(2) Journalize the August transactions for Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles.

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