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

ntory system Instructions Chart of Accounts-Summit Company Chart of Accounts-Seartooth Co. Instructions 9 15 16 Veom The cost of the goods sold was $40,000 Beartooth Co. paid troight of $2,300 on August 5 purchase from Sumt Company Summit Company sold merchandise on account to Beartooth Co $58,700, torms FOB shipping pont, 1/4S Summit paid freight of 1675, which was added to the swoice. The cost of the goods sold wars $35,000 Beactooth Co pard Summit Company for purchase of August Summit Company paid Bartooth Co a canh round of $1.000 for defective merchandise purchased on August 1, Beatooth Co kept the merchandise Beartooth Co paid Summit Company on account for purchase of August 5 Summut Company issued betooth Co a credit memo for merchandise with an invoice amount of S4,000 that was returned from the August 15 sale. The cost of the merchandise returned wms $2,500 20 31 31 Korro the Aupost transactions for (1) Summer Company and (2) Betooth Cote to the Churt of Accounts are appropriate company or exact with account to Check My Work Previous Instructions 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 Aud 1 2 5 Surent Company de merchandise on account to beatooth Co $48.000, terins o destination 2015 veom. The state goodsalt was $28.800 Surat Company and trought of $1.150 for delivery of mechandise sold to Beartoon Coon August 1 Summa Comowy sold merchandise on account to Beartoh Co. Se 000, tors Foscono woom. The cost of the goods sold was $40,000 Bartooth Co pod right of $2,300 on August purchase from Summit Company Surm Company sold merchandise an account to Bourtooth C 568,700, torms FOB shipping point 145 Summit paid freight of 51.675 which was added to the voice. The cost of the goods sollte $35.000 Bewtoom Ca pod Smit Comy for purchase of Aixpust1 Sumt Company pod Betoon Coacanhetand at $1,000 for selective merchandise perchased on Agu 1 th Coop the chance Dearfoot Court Coon count for purchase of Art 15 16 20 31 Ow My Work