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 FOB destination 2/15, n/eom. The cost of the goods sold was S28 800 15 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1 Summit Company sold merchandise on account to Beartooth Co $66.000, terms FOB shipping, Roint n/eom. The cost of the goods sold was $40.000 Beartooth Co paid freight of $2,300 on August 5 purchase from Summit Company Summit Company sold merchandise on account to Beartooth Co. $58.700 terms FOB shipping point, n/45 Summit paid freight of $1675, 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 Beartooth Co. paid Summit Company on account for purchase of August 5 16 20 31 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. JUIL CUMPally Chart of Accounts-Beartooth Co. Journal-Summit Company (1) Joumalize the August transactions for Summit Company. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles PAGE 10 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ACCOUNTING FOLIATION ASSETS LIABILITIES EQUITY Previous eck My Work Save and Exit Submit Acclami Submit eBook Calculator SA Instructions Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. Journal-Summit Company, Chart of Accounts-Beartooth Co. Journal-Beartooth Co. (2) Joumalize the August transactions for Bearfooth Co. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles. PAGE 15 JOURNAL ACCOUNTING COLLATION ASSETS LIABILITIES EQUITY DESCRIPTION POST. REF. DATE Aug. 1