Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This is a two part question. The first question takes you through the month of August from Aug. 1st thru Aug. 31st. The second part

image text in transcribed

image text in transcribed

image text in transcribed

This is a two part question. The first question takes you through the month of August from Aug. 1st thru Aug. 31st. The second part asks to journalize Aug. the tran

This is a two part question. The first is from Aug. 1st thru Aug. 31st. The second question asks to journalize the transactions between 1 the Summit Company and 2 Beartooth Company and refer to the chart of accounts of the appropiate company for exact wording.

letan chap 5 Homework Sales and purchase-related transactions for seller and buyer using perpetual inventory system Instructions 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, nieom. 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. neom. 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, n/45. Summit 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. 20 Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co. kept the merchandise. 31 Beartooth Co. paid Summit Company on account for purchase of August 5. 31 Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of $4,000 that was retumed from the August 15 sale. The cost of the merchandise returned was $2,500. Journalize the Anu chap 5 Homework Sales and purchase-related transactions for seller and buyer using perpetual inventory system Instructions The following selected transactions were completed during August between Summit Company and Beartooth Co.: #11 AW 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, n/45. Summit 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. 20 Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co. kept the merchandise. 31 Beartooth Co. paid Summit Company on account for purchase of August 5. 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. # 2 Journalize the August transactions for (1) Summit Company and (2) Beartooth Co Refer to the Chora OWA 15 Sur Company of merchandise an account to Bearfooth Ca. 45 Sum de 31.075, which was added to the like the most of the $35.000 16 Beatooth Co. paid Summit Company for purchase of August. 20 Summit Company paid Beartooth Co a cash refund of 1,000 for defective marchandise purchased on August 1, Beartooth Co. kept the merchandise 31 Beartooth Co, paid Summit Company on account for purchase of August. 31 Summit Company issued Beartooth Co, a credit memo for merchandise with an invoice amount of $4.000 that was retumed from the August 15 sale. The cost of the merchandise returned was $2,000, Company and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exact wording Journize the August transactions for (1) Sur of accountilles

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditors For Stock Brokers

Authors: National Institute Of Securities Markets (NISM)

1st Edition

9350717581, 978-9350717585

More Books

Students also viewed these Accounting questions

Question

=+1. How does being courageous affect future life outcomes?

Answered: 1 week ago

Question

What are the challenges associated with tunneling in urban areas?

Answered: 1 week ago

Question

What are the main differences between rigid and flexible pavements?

Answered: 1 week ago

Question

What is the purpose of a retaining wall, and how is it designed?

Answered: 1 week ago

Question

How do you determine the load-bearing capacity of a soil?

Answered: 1 week ago

Question

what is Edward Lemieux effect / Anomeric effect ?

Answered: 1 week ago