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Instructions The following selected transactions were completed during August between Summit Co. and Beartooth Co.: Aug. 1 2 5 9 15 Summit Co. sold merchandise on account to Beartooth Co., 548,300, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $29,960. Summit Co. paid freight of $1,230 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Co. sold merchandise on account to Beartooth Co., $70,210, terms FOB shipping point, n/eom. The cost of the merchandise sold was $38,490. Beartooth Co. paid freight of $2,450 on August 5 purchase from Summit Company. Summit Co. sold merchandise on account to Beartooth Co., $55,200, terms FOB shipping point, 1/10, n/30. Summit Company paid freight of $1,795, which was added to the invoice. The cost of the merchandise sold was $33,780. Beartooth Co. paid Summit Company for purchase of August 1. Summit Company paid Beartooth Co. a refund of $1,800 for defective merchandise in the August 1 purchase. Beartooth Co. agreed to keep the merchandise. Beartooth Co. paid Summit Company on account for purchase of August 15. 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. 16 20 25 31 Required: Journalize the August transactions for (1) Summit Co. and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles. Chart of Accounts-Summit Co. CHART OF ACCOUNTS Summit Co. General Ledger ASSETS REVENUE 110 Cash 121 Accounts Receivable-Beartooth Co. 410 Sales 610 Interest Revenue 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 538 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customers Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary Chart of Accounts-Beartooth Co. CHART OF ACCOUNTS Beartooth Co. General Ledger ASSETS 110 Cash REVENUE 410 Sales 610 Interest Revenue EXPENSES 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 528 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 211 Accounts Payable-Summit Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customers Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary Journal-Summit Co. Shaded cells have feedback. PAGE 10 JOURNAL Score: 269/326 ACCOUNTING EQUATION DATE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Accounts Receivable-Beartooth Co. 1 Aug. 1 48,300.00 1 2 Sales 48,300.00 1 3 29,960.00 Aug. 1Cost of Merchandise Sold Merchandise Inventory Aug. 2 Delivery Expense 29,960.00 5 1,230.00 + 6 Cash 1,230.00 1 7 Aug. 5 Accounts Receivable-Beartooth Co. 70,210.00 1 B Sales 70,210.00 1 9 38,490.00 30 38,490.00 11 Aug. 5 Cost of Merchandise Sold Merchandise Inventory Aug.9 Merchandise Inventory Cash Aug. 15 Accounts Receivable-Beartooth Co. 2,450.00 1 2,450.00 55,200.00 1 Sales 55,200.00 1 Aug. 15 Accounts Receivable-Beartooth Co. 1,795.00 1 Cash 1 17 33,780.00 33,780.00 1 Aug. 15 Cost of Merchandise Sold Merchandise Inventory Aug. 16 Cash Merchandise Inventory Accounts Receivable-Beartooth Co. 47,334.00 1 20 966.00 1 21 48,300.00 1 22 Aug. 25 Cash 56,443.00 1 25 Merchandise Inventory 552.00 1 Accounts Receivable-Beartooth Co. 56,995.00 25 Aug. 31 Cash 70,210.00 1 26 Accounts Receivable-Beartooth Co. 70,210.00 Journal-Beartooth Co. Shaded cells have feedback. (2) Journalize the August transactions for Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles. How does grading work? PAGE 15 JOURNAL Score: 171/201 ACCOUNTING EQUATION POST. REF. CREDIT LIABILITIES EQUITY DEBIT 48,300.00 ASSETS 1 1 2 48,300.00 1 3 DATE DESCRIPTION Aug. 1 Merchandise Inventory Accounts Payable-Summit Co. 5 Merchandise Inventory Accounts Payable-Summit Co. 9 Merchandise Inventory Cash 70,210.00 1 4 70,210.00 f 5 2,450.00 1 2,450.00 7 56,995.00 1 15 Merchandise Inventory Accounts Payable-Summit Co. 16 Accounts Payable-Summit Co. 56,995.00 9 48,300.00 10 Cash 47,334.00 966.00 25 Merchandise Inventory Accounts Payable-Summit Co. Cash 56,443.00 552.00 Merchandise Inventory 56,995.00 31 70,210.00 Accounts Payable-Summit Co. Cash 70,210.00