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Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during August between Summit Company and Beartooth
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1. Summit Company sold merchandise on account to Beartooth Co., $52,250, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $27,890 2. Summit Company paid freight of $1,130 for delivery of merchandise sold to Beartooth Co. on August 1. 5. Summit Company sold merchandise on account to Beartooth Co., $70,210, terms FOB shipping point, n/eom. The cost of the goods sold was $39,180 9. Beartooth Co. paid freight of $2,350 on August 5 purchase from Summit Company 15, Summit Co pany sold merchandise on account to Beartooth Co., $61,400, terms FOB shipping point, 1/10, n/30. Summit paid freight of $1,830, which was added to the Invoice. The cost of the goods sold was $31,920 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. Required: 1. Journalize the August transactions for Beartooth Co. (the buyer) Date Account Debit Credit Aug. 1 Date Account Debit Credit
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