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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., $50,100, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,320. |
| 2. | Summit Company paid freight of $1,050 for delivery of merchandise sold to Beartooth Co. on August 1. |
| 5. | Summit Company sold merchandise on account to Beartooth Co., $67,930, terms FOB shipping point, n/eom. The cost of the goods sold was $42,760. |
| 9. | Beartooth Co. paid freight of $2,320 on August 5 purchase from Summit Company. |
| 15. | Summit Company sold merchandise on account to Beartooth Co., $58,300, terms FOB shipping point, 1/10, n/30. Summit paid freight of $1,820, which was added to the invoice. The cost of the goods sold was $38,110. |
| 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 | fill in the blank 2 | ||
| fill in the blank 4 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 5 | fill in the blank 6 | ||
| fill in the blank 8 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 9 | fill in the blank 10 | ||
| fill in the blank 12 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 15 | fill in the blank 14 | ||
| fill in the blank 16 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 16 | fill in the blank 18 | ||
| fill in the blank 20 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 25 | fill in the blank 22 | ||
| fill in the blank 24 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 31 | fill in the blank 26 | ||
| fill in the blank 28 |
2. Journalize the August transactions for Summit Company (the seller).
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 1 | fill in the blank 30 | ||
| fill in the blank 32 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 1 | fill in the blank 34 | ||
| fill in the blank 36 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 2 | fill in the blank 38 | ||
| fill in the blank 40 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 5 | fill in the blank 42 | ||
| fill in the blank 44 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 5 | fill in the blank 46 | ||
| fill in the blank 48 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 15 | fill in the blank 50 | ||
| fill in the blank 52 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 15 | fill in the blank 54 | ||
| fill in the blank 56 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 15 | fill in the blank 58 | ||
| fill in the blank 60 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 16 | fill in the blank 62 | ||
| fill in the blank 64 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 25 | fill in the blank 66 | ||
| fill in the blank 68 |
| Date | Account | Debit | Credit |
|---|---|---|---|
| Aug. 31 | fill in the blank 70 | ||
| fill in the blank 72 |
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