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., $48,000, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000. Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit 9 Company. 15 Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, 1/10, n/30. Summit Company paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000. 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. Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles. CHART OF ACCOUNTS Summit Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable-Beartooth Co. 610 Interest Revenue 125 Notes Receivable EXPENSES 130 Inventory 510 Cost of Goods Sold 131 Estimated Returns Inventory 521 Delivery Expense 140 Office Supplies 522 Advertising Expense 141 Store Supplies 524 Depreciation Expense-Store Equipment 142 Prepaid Insurance 525 Depreciation Expense-Office Equipment 180 Land 526 Salaries Expense 192 Store Equipment 531 Rent Expense 193 Accumulated Depreciation-Store Equipment 533 Insurance Expense 194 Office Equipment 534 Store Supplies Expense 195 Accumulated Depreciation Office Equipment 535 Office Supplies Expense LIABILITIES 536 Credit Card Expense 210 Accounts Payable 539 Miscellaneous Expense 216 Salaries Payable 710 Interest Expense 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary CHART OF ACCOUNTS Beartooth Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 125 Notes Receivable EXPENSES 130 Inventory 510 Cost of Goods Sold 131 Estimated Returns Inventory 521 Delivery Expense 140 Office Supplies 522 Advertising Expense 141 Store Supplies 524 Depreciation Expense-Store Equipment 142 Prepaid Insurance 525 Depreciation Expense-Office Equipment 180 Land 526 Salaries Expense 192 Store Equipment 531 Rent Expense 193 Accumulated Depreciation-Store Equipment 533 Insurance Expense 194 Office Equipment 534 Store Supplies Expense 195 Accumulated Depreciation Office Equipment 535 Office Supplies Expense LIABILITIES 536 Credit Card Expense 211 Accounts Payable-Summit Company 539 Miscellaneous Expense 216 Salaries Payable 710 Interest Expense 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary