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., $51,750, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $27,460. 2. Summit Company paid freight of $1,065 for delivery of merchandise sold to Beartooth Co. on August 1. 5. Summit Company sold merchandise on account to Beartooth Co., $60,590, terms FOB shipping point, n/eom. The cost of the goods sold was $37,910 9. Beartooth Co. paid freight of $2,250 on August 5 purchase from Summit Company. 15. Summit Company sold merchandise on account to Beartooth Co., $61,800, terms FOB shipping point, 1/10, n/30. Summit paid freight of $1,770, which was added to the invoice. The cost of the goods sold was $37,290. 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 Inventory Accounts Payable-Summit Company Date Account Debit Credit Aug. 5 Inventory Accounts Payable-Summit Company Date Account Debit Credit Aug. 9 Inventory Cash Date Account Debit Credit Aug. 15 Inventory Accounts Payable-Summit Company Date Account Debit Credit Aug. 16 Accounts Payable-Summit Company Cash Aug. 25 Accounts Payable-Summit Company Cash Date Account Debit Credit Aug. 31 Accounts Payable-Summit Company Cash 2. Journalize the August transactions for Summit Company (the seller). Date Account Debit Credit Aug. 1 Accounts Receivable-Beartooth Co. Sales Date Account Debit Credit Aug. 1 Cost of Goods Sold Inventory Date Account Debit Credit Aug. 2 Delivery Expense Cash Date Account Debit Credit Aug. 5 Accounts Receivable-Beartooth Co. Sales Date Account Debit Credit Aug. 5 Cost of Goods Sold Inventory Date Debit Credit Account Accounts Receivable-Beartooth Co. Aug. 15 Sales Date Account Debit Credit Aug. 15 Accounts Receivable-Beartooth Co. Cash Date Account Debit Credit Aug. 15 Cost of Goods Sold Inventory Date Account Debit Credit Aug. 16 Cash Accounts Receivable-Beartooth Co. Date Account Debit Credit Cash Aug. 25 Accounts Receivable-Beartooth Co. Date Account Debit Credit Aug. 31 Cash Accounts Receivable-Beartooth Co