les-related and purchase-related transactions for buyer and seller using perlodic Inventory system Chart of Accounts-Summlt Company Chart of Accounts- Beartooth Co Instructions The tollowing 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 treight of $1,150 for delivery of merchandise sold to Beartooth Co. on 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 1/10, n/30. 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 ot August 1. 25 Beartooth Co. paid Summit Company on account for purchase of August 15 31 Beartooth Co. paid Summit Company on account for purchase of August 5