OBJ. 2 PR 6-4A Sales-related and purchase-related transactions for seller and buyer using perpetual inventory system The following 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 merchandise sold was $28,800. 2. Summit Company paid freight 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/45. The cost of the merchandise 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 Company paid freight of $1,675, which was added to the invoice. The cost of the merchandise sold was $35,000. 16. Beartooth Co. paid Summit Company for purchase of August 1. 20. Summit Company paid Beartooth Co. a refund of $1,800 for defective merchan- dise in the August 1 purchase. Beartooth Co. agreed to keep the merchandise. 25. Beartooth Co. paid Summit Company on account for purchase of August 15. 31. Summit Company granted a customer allowance (credit memo) to Beartooth Co. for $6,000 (invoiced amount) for merchandise that was returned from the August 1 purchase. The cost of the merchandise returned was $3,200. Instructions Journalize the August transactions for (1) Summit Company and (2) Beartooth Co