Instructions The following selected transactions were completed during August between Summit Company and Bearfooth Co. Both companies use the net method under a perpetual inve Aug 1 2 5 15 Summit Company sold merchandise on account to Beartooth Co $52.150 terms FOB destination 2/15, neom. The cost of the goods sold was $25,040 Sunmit Company paid freight of 51.225 for delivery of merchandise sold to Beartooth Co. on August 1 Summit Company sold merchandise on account to Beartooth Co. 580,000, terms FOB shipping point neom. The cost of the goods sold was 536,900. Beartooth Co. paid freight of 52,140 on August 5 purchase from Summit Company Summit Company sold merchandise on account to Beartooth Co 502,000, terms FOB shipping point n/45 Summit paid freight of 51.516, which was added to the invoice. The cost of the goods sold was $32,000 Beartooth Co paid Summit Company for purchase of August 1 Summit Company paid Beartooth Co a cash refund of $1.000 for defective marchandise purchased on August 1. Beartooth Co kept the merchandise Beartooth Co. paid Summit Company on account for purchase of August Summit Company issued Beartooth Co a credit memo for merchandise with an invoice amount of 53.800 that was returned from the August 15 sale. The cost of the merchandise returned was $2.200 16 20 31 31 Joumalize the August transactions for (1) Summit Company and (2) Bearfooth Co Refer to the Chart of Accounts of the appropriate company for exact wording of account Check My Work Journal-Summit C tions art of Accounts-Beartooth Co. Chart of Accounts-Summit Company CHART OF ACCOUNTS Summit Company General Ledger ASSETS REVENUE 410 Sales 810 Interest Revenue 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 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 work CHART OF ACCOUNTS Beartooth Co. General Ledger ASSETS 110 Cash REVENUE 410 Sales 120 Accounts Receivable 810 Interest Revenue 125 Notes Receivable EXPENSES 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 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 528 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 538 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 211 Accounts Payable-Summit Company 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable eck My Work All work saved JOURNAL ACCOUNTING EQUATION DATE DESCEPTION POST: REF 1 DERIT CREDIT LABUTES EQUITY 2 1 5 10 TI 12 14 1 Check My Work A chart of Accounts of the appropriate company for exact wording of accounts PRE 15 JOURNAL COUNTING EQUATION DATE DESCRIPTION POST DE CHIT CREDIT BANLITIES ESITY ) 10 11 35 ack My Work