PR 5-4A Sales-related and purchase-related transactions for seller and buyer Obj using perpetual inventory system and Beartooth Co. Aug. 1. Summit Company sold merchandise on account to Beartooth Co, $48,000, terms FOB destination, 2/1s The following seletd transactions were completed during August between Summit Compan n/eom. The cost of the goods 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/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$53,700, terms FOB shipping point, 1/10, n/30. Summit paid freight of $1,675, which was added to the involce. The cost of the goods sold was $35,000 16. Beartooth Co. paid Summit Company for purchase of 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 Instructions Journalize the August transactions for (1) Summit Company and (2) Beartooth Co