Question
I'm trying to make this journal work out but only get errors this is what the question asks. The following selected transactions were completed during
I'm trying to make this journal work out but only get errors this is what the question asks.
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.
These are the errors does anyone know where I'm going wrong?
OURNAL Score: 161/176 ACCOUNTING EQUATION ATE ESCRIPTION REF DEBIT RE 1 Inventory 8,000.00 Accounts Payable-Summit Company 48,000.00 5Inventory 66,000.00 Accounts Payable-Summit Company 66,000.00 9 Inventory 2,300.00 Cash 2,300.00 15 Inventory 56,400.00 Accounts Payable-Summit Company 16 Accounts Payable-Summit Company 47,040.00 10 Cash 47,040.00 25 Accounts Payable-Summit Company 570.00 Cash 58,130.00 12 1 Accounts Payable-Summit Company 66,000.00 13 14 Cash 66,000.00
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