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Instructions Journaline the transactions PR 6-4A Sales-related and purchase-related transactions for seller and buyer OB.2 using perpetual Inventory system The following selected transactions were completed
Instructions Journaline the transactions PR 6-4A Sales-related and purchase-related transactions for seller and buyer OB.2 using perpetual Inventory system The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1. Summit Company sold merchandise on account to Heartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the merchandise 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., 566,000, terms FOB shipping point, 1/45. 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., 558,700, terms FOB shipping point, 1/10, 1/30 Summit Company paid freight of $1,675, which was added to the invoice. The cost of the merchandise sold was $35.000 16. Beartooth Co, paid Summit Company for purchase of August 1. 20. Summit Company paid Beartooth Co, a refund of $1,800 for defective merchan- dise in the August 1 purchase. Beartooth Co, agreed to keep the merchandise 25. Beartooth Co. paid Summit Company on account for purchase of August 15. 31. Summit Company granted a customer allowance (credit memo) to Beartooth Co: for $6,000 invoiced amount) for merchandise that was returned from the August 1 purchase. The cost of the merchandise returned was $3.200. Instructions Journalize the August transactions for (1) Summit Company and (2) Beartooth Co
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