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. 9 Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit 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. Beartooth Co. paid Summit Company on account for purchase of August 15. 25 31 Beartooth Co. paid Summit Company on account for purchase of August 5. CHART OF ACCOUNTS Summit Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable-Beartooth Co. 610 Interest Revenue 125 Notes Receivable 130 Inventory EXPENSES 131 Estimated Returns Inventory 510 Cost of Goods Sold 140 Office Supplies 521 Delivery Expense 141 Store Supplies 522 Advertising Expense 142 Prepaid Insurance 524 Depreciation Expense-Store Equipment 180 Land 525 Depreciation Expense-Office Equipment 192 Store Equipment 526 Salaries Expense 193 Accumulated Depreciation-Store Equipment 531 Rent Expense 194 Office Equipment 533 Insurance Expense 195 Accumulated Depreciation Office Equipment 534 Store Supplies Expense 535 Office Supplies Expense LIABILITIES 536 Credit Card Expense 195 Accumulated Depreciation Office Equipment 534 Store Supplies Expense 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 130 Inventory EXPENSES 131 Estimated Returns Inventory 510 Cost of Goods Sold 140 Office Supplies 521 Delivery Expense 141 Store Supplies 522 Advertising Expense 142 Prepaid Insurance 524 Depreciation Expense-Store Equipment 180 Land 525 Depreciation Expense-Office Equipment 192 Store Equipment 526 Salaries Expense 193 Accumulated Depreciation-Store Equipment 531 Rent Expense 194 Office Equipment 533 Insurance Expense 195 Accumulated Depreciation Office Equipment 534 Store Supplies Expense 535 Office Supplies Expense LIABILITIES 536 Credit Card Expense 211 Accounts Payable-Summit Company 539 Miscellaneous Expense 216 Salaries Pavable 710 Interest Expense 192 Store Equipment 526 Salarles Expense 193 Accumulated Depreciation-Store Equipment 531 Rent Expense 194 Office Equipment 533 Insurance Expense 195 Accumulated Depreciation Office Equipment 534 Store Supplies Expense 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 (1) Journalize the August transactions for Summit Company. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles. How does grading work? PAGE 10 JOURNAL Score: 234/276 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Aug. 1 Accounts Receivable-Beartooth Co. 48,000.00 2 Sales 48,000.00 3 Aug. 1 Cost of Goods Sold 28,800.00 4 Inventory 28,800.00 5 Aug. 2 Delivery Expense 1,150.00 6 Cash 1,150.00 1 7 Aug. 5 Accounts Receivable-Beartooth Co. 66,000.00 8 Sales 66,000.00 9 Aug. 5 Cost of Goods Sold 40,000.00 11 Aug. 6 Sales 10,500.00 12 Accounts Receivable-Beartooth Co. 10,500.00 1 13 Aug. 6 Inventory 6,300.00 14 Cost of Goods Sold 6,300.00 15 Aug. 15 Accounts Receivable-Beartooth Co. 58,700.00 16 Sales 58,700.00 17 Aug. 15 Accounts Receivable-Beartooth Co. 1,675.00 18 Cash 1,675.00 19 Aug. 15 Cost of Goods Sold 35,000.00 1 20 Inventory 35,000.00 21 Aug. 16 Cash 36,750.00 22 Accounts Receivable-Beartooth Co. 37,500.00 (2) Journalize the August transactions for Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 15 JOURNAL Score: 88/176 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Aug. 1 Inventory 2 Accounts Payable-Summit Company 3 Aug. 5 Inventory 4 Accounts Payable-Summit Company 5 Aug. 6 Accounts Payable-Summit Company 6 Inventory 7 Aug. 9 Inventory 8 Cash 9 Aug. 15 Inventory 10 Accounts Payable-Summit Company 9 Aug. 15 Inventory 10 Accounts Payable-Summit Company 11 Aug. 16 Accounts Payable-Summit Company 12 Cash 13 Inventory 14