Inventory system Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. Journal-Summit Comp Instructions The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies use the net met Aug 1 2 5 15 Summit Company sold merchandise on account to Beartooth Co., 540,560, terms FOB destination, 2/15, Veom. The cost of the goods sold was $30,000. Summit Company paid freight of $1,206 for delivery of merchandise sold to Beartooth Co on August 1. Summit Company sold merchandise on account to Beartooth Co $60,560, terms FOB shipping point. Veom. The cost of the goods sold was 543,840. Beartooth Co. paid freight of $2,200 on August 5 purchase from Summit Company Summit Company sold merchandise on account to Beartooth Co. 558, 100, terms FOB shipping point V45. Summit paid freight of $1.715, which was added to the involon. The cost of the goods sold was $36,310 Beartooth Co. paid Summit Company for purchase of August 1. Summit Company paid Beartooth co a cash refund of 5000 for defective merchandise purchased on August 1. Beatooth Co. kept the merchandise. Beartooth Co. paid Summit Company on account for purchase of August 6 Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of $3,000 that was returned from the August 16 sale. The cost of the merchandise returned was $2.000 10 20 31 31 Journalize the August transactions for (1) Summit Company and (2) Beatooth Co. Refer to the Chart of Accounts of the appropriate company for exace JOURNAL ETA... ACCOUNTIN DATE DESCRIPTION POST. RET DET CREDIT ASSETS LARI ETA... 1 2 T.A... 3 ETA... 4 ETA.. 5 6 3 30 15 11 24 15 21 Check My Work eBook JOURNAL ACCOUNTING EQUATI DATE DESCRIPTION POST: RET DERIT CREOT ASSETS LALTIES 1 2 3 10 11 13 11 Check My Work All work saved