Instructions Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. Instructions The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $28,800. 2 Sumr 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. n45. The cost of the merchandise 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 merchandise sold was $35,000. 28 20 25 Beartooth Co. paid Summit Company for purchase of August 1. Summit Company paid Beartooth Co. a refund of $1,800 for defective merchandise in the August 1 purchase. Beartooth Co. agreed to keep the merchandise. Beartooth Co. paid Summit Company on account for purchase of August 15. Required: Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered CHART OF ACCOUNTS Summit Company General Ledger ASSETS 110 Cash 121 Accounts Receivable-Beartooth Co. 125 Notes Receivable 130 Merchandise 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 Pavable. REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise 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-Summit Company 125 Notes Receivable 130 Merchandise 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 EXPENSES 510 Cost of Merchandise 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 EQUITY 310 Owner, Capital 311 Owner, Drawing Chart of Accounts-Beartooth Co. CHART OF ACCOUNTS Beartooth Co. General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise 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 REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise 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. 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 41 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 EXPENSES 510 Cost of Merchandise 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 EQUITY 310 Owner, Capital 311 Owner, Drawing K Instructions Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. Journal-Summit Company Shaded cells ha (1) Joumalize the August transactions for Summit Company. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines fo explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. How does grading work? PAGE 10 ACCOUNTING EQUATION LIABILITIES EQUITY 1 DATE Dec. 31 JOURNAL DESCRIPTION POST REF DEBIT Score: 75/276 CREDIT ASSETS 2 Dec. 31 Cash 80 3.00 3.00 00 3.00 3.00 $ Dec. 31. Cash 3.00 3.00 Dec. 31 Cash 3.00 3.00 Dec. 31 Cash 3.00 3.00 Dec. 311 Cash 3.00 3.00 Dec. 31 Cash 3.00 3.00 Dec 31 Cash 3.00 3.00 Dec. 311 Cash 3.00 3.00 10 Dec. 31 Cash 3.00 3.00 11 Dec. 31 Cash 3.00 3.00 Dec. 31 Cash 3.00 3.00 Check My Work Instructions Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. Journal-Summit Company Shaded cells have fee 300 300 DICST Dec. 31 Cash 3.00 3.00 Dec. 31 Cash 3.00 3.00 88 Dec. 31 Cash 3.00 3.00 Dec. 31 Cash 3.00 3.00 - Dec. 31 Cash 3.00 3.00 " Dec. 31 Cash 3.00 3.00 10 Dec. 31 Cash 3.00 3.00 Dec. 31 Cash 3.00 3.00 12 Dec. 31 Cash 34 === 13 Dec. 31 Cash Dec. 31 Cash 13 Dec. 31 16 Dec. 31 17 Dec. 31 Cash 18 Dec. 31 19 Dec. 31 20 Dec. 31 33 33333 Cash 3.00 8 8 8 8 3.00 3.00 3.00 3.00 Cash 3.00 3.00 3.00 3.00 Cash 3.00 3.00 Cash 3.00 3.00 Cash 3.00 3.00 21 Dec. 31 Cash 3.00 3.00 23 Dec. 51 Cash 3.00 3.00 Journal-Summit Company Journal-Beartooth Co. Shaded cells have feedback Shaded cells have feedback (2) Journalize the August transactions for Beartooth Co. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Question not attempted. 1 DATE 2 10 13 DESCRIPTION JOURNAL Score: 0/176 POST REF DEBIT CREDIT PAGE 15 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY