Sales-related and purchase-related transactions for seller and buyerusing perpetual inventory systemThe following selected transactions were completed during Augustbetween Summit Company and Beartooth Co.: InstructionsJournalize the August transactions for (1) Summit Company and (2)Beartooth Co. Summit Company sold merchandise on account to BeartoothAug.Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the1.merchandise sold was $28,800.Summit Company paid freight of $1,150 for delivery of2.merchandise sold to Beartooth Co. on August 1.Summit Company sold merchandise 011 account to BeartoothCo., 866,000, terms FOB shipping point, n/45- The cost of the5.merchandise sold was $40,000.Bcartooth Co. paid freight of $2,300 on August 5 purchase from9.Summit Company.Summit Company sold merchandise on account to BeartoothCo., $58,700, terms FOB shipping point, 1/10, n/30. Summit15.Company paid freight of $1,675, which was added to the invoice.The cost of the merchandise sold was $35,000.16.Beartooth Co. paid Summit Company for purchase of August 1.Summit Company paid Beartooth Co. a refund of $1,800 for20.defective merchandise In the August 1 purchase. Beartooth Co.agreed to keep the merchandise.Beartooth Co. paid Summit Company on account for purchase of25.August 15.Summit Company granted a customer allowance (credit memo)to Beartooth Co. for $6,000 (invoiced amount) for merchandiseS1.that was returned from the August 1 purchase. The cost of themerchandise returned was $3,200.

Name: Sales-related and purchase-related transactions for seller and buyerus
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Sales-related and purchase-related transactions for seller and buyerusing perpetual inventory systemThe following selected transactions were completed during Augustbetween Summit Company and Beartooth Co.: InstructionsJournalize the August transactio