Sales and purchase-related transactions for seller and buyer using perpetual inventory system Instructions Chart of Accounts-Summit Company Chart of Accounts-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 EOB destination. 2/15, neom. 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 EOB shipping point. neom. 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 16 201 Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n45. 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. 31 Beartooth Co. paid Summit Company on account for purchase of August 5. 31 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 bles 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 (1) Journalize the August transactions for Summit Company Hefer to the Chart of Accounts of the appropriate company for exact wording of account bitles DATE DESCRIPTION 1 14:45 10 === 11 14 13 14 PAGE 10 JOURNAL ACCOUNTING EQUATION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Check My Work 3 more Check My Work uses remaining: I Previous Next> All work saved. Submit Assignment for Grading eBook 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-Beartooth Co. 7 " 11 12 11 14 15 14 DATE DESCRIPTION Check My Work 3 more Check My Work uses remaining SOUNDL ACCOUNTING CATion POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Previous Next>>