Instructions Journalize the transactions PR 5-4A Sales and purchase-related transactions for seller and buyer Obj. 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 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 Coon 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, 1/45. Summit 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. (Continued) Chapter 5 Accounting for Retail Businesses 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. 31. Beartooth Co. pald Summit Company on account for purchase of August 5. 31. Summit Company issued Beartooth Co a credit memo for merchandise with an invoice amount of $4,000 that was returned from the August 15 sale. The cost of the merchandise returned was $2,500. Instructions Journalize the August transactions for (1) Summit Company and (2) Beartooth Co