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The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 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., $66,000, 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 defective 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 Sum 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 August transactions for Summit Company. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles ading work? PAGE 10 JOURNAL Score: 225/326 POST. REF. arrENTING. FOILATION ASSETS LIABILITIES EQUITY Aug 1 DEBIT 48,300.00 DESCRIPTION Accounts Receivable-Beartooth Co. Sales Cost of Goods Sold 48,300.00 Aug. 1 28,800.00 Inventory 28,800.00 Aug. 2 Freight-out 1,150.00 Cash 1,150.00 Aug 5 Accounts Receivable-Beartooth Co. 66,000.00 Sales 66,000.00 Aug. 5 40,000.00 Cost of Goods Sold Inventory accounts receivable 40,000 00 g. 15 60,375.00 des VU, 000.00 Aug. 5 Cost of Goods Sold 40,000.00 Inventory 40,000.00 g. 15 accounts receivable 60,375.00 Cash 1,675.00 58,700.00 35,000.00 35,000.00 47,040.00 47,040.00 960.00 35,000.00 35,000.00 35,000.00 48,000.00 9.15 Sales ug. 15' Cost of Goods Sold 19. 16 Inventory g. 16 Cash ug. 16 Sales account receivable 19.25 cash Sales ug. 25 Accounts receivable g. 31 Cash 19.25 accounts receivable 19.25 accounts recieable g. 31 Cash 59,788.00 587.00 60,375.00 66,000.00 66,000.00 66,000.00 66,000.00 66,000.00 66,000.00 Aug. 1 48,000.00 Inventory ACCOUNTS PAYABLE 48,000.00 Aug. 5 Inventory 66,000.00 accounts payable 66,000.00 Aug. 9 Inventory 2,300.00 Cash 2,300.00 Aug. 15 60,375.00 Inventory accounts payable accounts payable 60,375.00 Aug. 16 48,000.00 Inventory 960.00 Cash 47,040.00 Aug. 25 accounts payable 60,375.00 Inventory 587.00 59,788.00 Cash Aug. 31' accounts payable Cash 66,000.00 66,000.00