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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., $45,950, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $30,560. |
2. | Summit Company paid freight of $1,115 for delivery of merchandise sold to Beartooth Co. on August 1. |
5. | Summit Company sold merchandise on account to Beartooth Co., $69,380, terms FOB shipping point, n/eom. The cost of the goods sold was $36,190. |
9. | Beartooth Co. paid freight of $2,240 on August 5 purchase from Summit Company. |
15. | Summit Company sold merchandise on account to Beartooth Co., $54,300, terms FOB shipping point, 1/10, n/30. Summit paid freight of $1,760, which was added to the invoice. The cost of the goods sold was $34,930. |
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 |
---|---|---|---|
Aug. 5 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 9 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 15 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 16 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 25 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 31 | |||
2. Journalize the August transactions for Summit Company (the seller).
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 1 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 1 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 2 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 5 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 5 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 15 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 15 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 15 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 16 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 25 | |||
Date | Account | Debit | Credit |
---|---|---|---|
Aug. 31 | |||
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