Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles.

The following selected transactions were completed during August between Summit Company and Beartooth Co.:

Aug.1Summit Company sold merchandise on account to Beartooth Co., $49,050, termsFOB destination, 2/15, n/eom. Thecost of the goods soldwas $28,370.2Summit Company paid freight of $1,160 for delivery of merchandise sold to Beartooth Co. on August 1.5Summit Company sold merchandise on account to Beartooth Co., $68,590, termsFOB shipping point, n/eom. The cost of the goods sold was $43,250.9Beartooth Co. paid freight of $2,440 on August 5 purchase from Summit Company.15Summit Company sold merchandise on account to Beartooth Co., $59,500, terms FOB shipping point, 1/10, n/30. Summit Company paid freight of $1,755, which was added to theinvoice. The cost of the goods sold was $31,720.16Beartooth Co. paid Summit Company for purchase of August 1.25Beartooth Co. paid Summit Company on account for purchase of August 15.31Beartooth Co. paid Summit Company on account for purchase of August 5.