Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exactwording of account titles. The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies use the net methodunder a perpetual inventory system.1 Summit Company sold merchandise on account to Beartooth Co., $49,050, terms FOB destination.2/15, n/eom. The cost of the goods sold was $28,370.Summit Company paid freight of $1,160 for delivery of merchandise sold to Beartooth Co. on August 1.Summit Company sold merchandise on account to Beartooth Co., $68,590, terms FOB shipping.point,Aug.25n/eom. The cost of the goods sold was $43,250.9Beartooth Co. paid freight of $2,440 on August 5 purchase from Summit Company.15Summit Company sold merchandise on account to Beartooth Co., $59,500, terms FOB shipping point,n/45. Summit paid freight of $1,755, which was added to the invoice. The cost of the goods sold was$31,720.16Beartooth Co. paid Summit Company for purchase of August 1.20Summit Company paid Beartooth Co. a cash refund of $1,100 for defective merchandise purchased onAugust 1. Beartooth Co. kept the merchandise.31Beartooth Co. paid Summit Company on account for purchase of August 5.31Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of$3,500 that was returned from the August 15 sale. The cost of the merchandise returned was $2,500.

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Description: Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exactwording of account titles. The following selected transactions were completed during August between Su

A journal entry is a record of the business transactions in the accounting books of a business. A…

Business

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Summit Company sold merchandise on account to Beartooth Co., $49,050, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,370. 2 Summit Company paid freight of $1,160 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $68,590, terms FOB shipRing.point, 1 n/eom. The cost of the goods sold was $43,250. Beartooth Co. paid freight of $2,440 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $59,500, terms FOB shipping point,

Summit Company sold merchandise on account to Beartooth Co., $49,050, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,370. 2 Summit Company paid freight of $1,160 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $68,590, terms FOB shipRing.point, 1 n/eom. The cost of the goods sold was $43,250. Beartooth Co. paid freight of $2,440 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $59,500, terms FOB shipping point,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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