Sales and purchase-related transactions for seller and buyer using perpetual inventory system Instructions Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. Journal-Summit Company Journal-Beartooth Co. 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 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. 2 5 9 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., 566,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000 Beartooth Co. paid freight of $2,300 on August 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 15 16 Beartooth Co. paid Summit Company for purchase of August 1. 20 Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August Beartooth Co. kept the merchandise. 31 31 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. 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. Check My Work Previous Chapter 5 Homework eBook Print Item Sales and purchase-related transactions for seller and buyer using perpetual inventory system Instructions Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. Journal-Summit Company Journal-Beartooth Co. Chart of Accounts-Summit Company CHART OF ACCOUNTS Summit Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable-Beartooth Co. 610 Interest Revenue 125 Notes Receivable 130 Inventory EXPENSES 131 Estimated Returns Inventory 510 Cost of Goods Sold 140 Office Supplies 521 Delivery Expense 141 Store Supplies 522 Advertising Expense 142 Prepaid Insurance 524 Depreciation Expense-Store Equipment 180 Land 525 Depreciation Expense-Office Equipment 192 Store Equipment 526 Salaries Expense 193 Accumulated Depreciation-Store Equipment 531 Rent Expense 194 Office Equipment 533 Insurance Expense 195 Accumulated Depreciation Office Equipment 534 Store Supplies Expense 535 Office Supplies Expense LIABILITIES 536 Credit Card Expense 210 Accounts Payable 539 Miscellaneous Expense 216 Salaries Payable 710 Interest Expense 218 Sales Tax Payable 219 Customer Refunds Pavable Check My Work Previous Chapter 5 Homework eBook Print Item Sales and purchase-related transactions for seller and buyer using perpetual inventory system Instructions Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. Journal-Summit Company Journal-Beartooth Co. Chart of Accounts-Summit Company 125 Notes Receivable 130 Inventory EXPENSES 131 Estimated Returns Inventory 510 Cost of Goods Sold 140 Office Supplies 521 Delivery Expense 141 Store Supplies 522 Advertising Expense 142 Prepaid Insurance 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 180 Land 192 Store Equipment 526 Salaries Expense 193 Accumulated Depreciation-Store Equipment 531 Rent Expense 194 Office Equipment 533 Insurance Expense 195 Accumulated Depreciation Office Equipment 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense LIABILITIES 210 Accounts Payable 539 Miscellaneous Expense 216 Salaries Payable 710 Interest Expense 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Check My Work ( previous Chapter 5 Homework eBook Print Item Sales and purchase-related transactions for seller and buyer using perpetual inventory system Instructions Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. Journal-Summit Company Journal-Beartooth Co. Chart of Accounts-Beartooth Co. CHART OF ACCOUNTS Beartooth Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 130 Inventory EXPENSES 131 Estimated Returns Inventory 510 Cost of Goods Sold 140 Office Supplies 521 Delivery Expense 141 Store Supplies 522 Advertising Expense 142 Prepaid Insurance 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 180 Land 526 Salaries Expense 192 Store Equipment 193 Accumulated Depreciation Store Equipment 531 Rent Expense 194 Office Equipment 533 Insurance Expense 195 Accumulated Depreciation Office Equipment 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense LIABILITIES 211 Accounts Payable-Summit Company 539 Miscellaneous Expense 710 Interest Expense 216 Salaries Payable 218 Sales Tax Payable Check My Work Previous Assignment Score: 36.02% Save and Exit Submit Assignment for Grading CAPCISCS Chart of Accounts-Beartooth Co. 130 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 Goods 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 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 211 Accounts Payable-Summit Company 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends