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instructions The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 2 5 9 15 Summit Company sold merchandise
instructions The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 2 5 9 15 Summit Company sold merchandise an account to Beartooth Ca. 548,000, terms FOB destination, 2/15, nleom. The cost of the merchandise sold was $28,800. Surrmit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Coon August 1. Summit Company sold merchandise an account to Beartooth Ca. 568,000, terms FOB shipping point. n 45. The cost of the merchandise sold was $40,000. Beartooth Ca. paid freight of 52,300 on August 5 purchase from Summit Company. Surrmit Company sold merchandise an account to Beartbath Co., 558,700, terms FOB shipping paint, 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 Beartooth Ca. 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 Ca. paid Summit Company an account for purchase of August 15. Surroit Company granited a customer allowance (credit meru) to Beartooth Co. for S6,000 (invoiced zmount) for merchandise that was returned from the August 1 purchase. The cost of the merchandise retumed was $3.200. 16 20 25 31 Required: Journalize the August transactions for (1) Summit Company and (2) Beartoon Co. Refer to the Chart of Accounts of the appropriate company for exact wording of account les eBook Print Item CHART OF ACCOUNTS Summit Company General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue 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 EXPENSES 510 Cost of Merchandise Sold 521 Delivery Experise 522 Advertising Expense 524 Depreciation Experise-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Experts 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 538 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense 194 Office Equipment 195 Accumulated Depreciation Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customers Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary CHART OF ACCOUNTS Beartooth Co. General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue EXPENSES 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 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 528 Salaries Expense 531 Rent Experise 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Experise 538 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 211 Accounts Payable-Summit Company 216 Salaries Payable 218 Sales Tax Payable 219 Customers Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary mert Compe Pere Chart Assunta hegey retries Al reactions on this page must be entered (except for post real before you will receive Check My Work feedback. PAGE 1 JOURNAL Score: 154/326 ACCOUNTING EQUATION DWE DESCRIPTION POST.RO CREDIT ASSETS LILITIES DQUITY 3 3 34 . 3: 34 Journal-Bertooth Ca (2) Cumshot ce pobrih Chert Accents the gamery razen s'est Question notated. MES JOURNAL Score: 0201 ACCOUNTING EQUATION DATE DESCRIPTION POST.RO SOUT T ASSETS LITIES DOLITY 4
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