Please create two Journal Entries given the instructions and data for both (1) Summit Company and (2) Beartooth Co.

Use both "Charts of Accounts" separately to identify which required terms to use for each Journal Entry.

Instructions The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies use the net method under a perpetual inventory system. Aug. 1 2 5 9 15 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. Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $65,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000 Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n/45. Summit paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000 Beartooth Co. paid Summit Company for purchase of August 1. Summit Company paid Beartooth Co. a cash refund of $1,000 for detective merchandise purchased on August 1. Beartooth Co. kept the merchandise. Beartooth Co. paid Summit Company on account for purchase of August 5. Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of $4,000 that was returned from the August 15 sale. The cost of the merchandise returned was $2,500. 16 20 31 31 Journalize the August transactions for (1) Summit Company (2) Beartooth Co. Refer the Chart of Accounts of the appropriate company for exact wording of account titles. Chart of Accounts-Summit Company CHART OF ACCOUNTS Summit Company General Ledger REVENUE 410 Sa 810 Interest Ravenue ASSETS 110 Cash 121 Account Revise-Bertooth 25 Nous Robe 130 Inventory 131 Estimated Reuma inventory 140 Orio.com 141 Store Supplies 142 Presidence 180 Land 182 Store Equipment Accuma Depreciation Store Equipment $94 Office Equipment 15 Accuma Depreciation-ofice Eviment EXPENSES 510 Cost of Good Sold 521 Delivery 522 Advertsing Expense 524 Deprecios E-Store pront 525 Dupraction Eco-Oifos Equipment 526 Sa Eco 531 Parte 538 Trance Excursie 534 Se Suspil Experts 595 Office S. Excursie 598 Credit Card Eense 520 Marcus Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 216 Satis Paya 218 SeaTex Payne 219 Csome otuda Pay 221 Notes Pay EQUITY 310 Correon Stock 911 Putained Euming 312 Dividends Chart of Accounts-Bearsono CHART OF ACCOUNTS Baarteeth Co. General Ledger REVENUE 410 Sales 510 Interest Reve ASSETS 110 C 120 Account Receivable 125 Nos Receivable 130 lenty 131 Estad Rusy 140 Of Supplies 141 Store Supplies 142 Prepaid 180 Land 192 Store Ecu 193 Acered Dupressure front 194 Ocumart 195 Accurred Depreciation of Euprant EXPENSES 510 Cost of Goods Sole 521 Delivery Experie 522 Avesang Experie 524 Depreciation Experse-Secuiment 525 Depreciation Experse-orce Equipment 528 Seria Experse 531 Rant perde 533 Expense 554 Store Supplies Ergene 595 Ofice Supplies Expense 538 Credit Card Expurse 588 Marcelo Ergene 710 inbert Erene LIABILITIES 211 Accounts Payable-Summit Conany 216 Series Patie 218 Sales Tus Payable 219 Con Rufenda Payable 221 Na Payable EQUITY S10 Cannon Stock 311 Rere Eige 312 Divices