The following selected transactions were completed during August between Summit Com- pany 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 merchandise 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 merchandise sold was $40,000. 6. Beartooth Co. returned $10,500 of merchandise purchased on account on August 1 from Summit Company. The cost of the merchandise returned was $6,300. 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 merchandise sold was $35,000. 16. Beartooth Co. paid Summit Company for purchase of August 1, less discount and less return of August 6. 25. Beartooth Co. paid Summit Company on account for purchase of August 15, less discount. 31. Beartooth Co. paid Summit Company on account for purchase of August 5. Instructions Journalize the August transactions for (1) Summit Company and (2) Beartooth Co
The following selected transactions were completed during August between Summit Com- pany 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 merchandise 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 merchandise sold was $40,000. 6. Beartooth Co. returned $10,500 of merchandise purchased on account on August 1 from Summit Company. The cost of the merchandise returned was $6,300. 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 merchandise sold was $35,000. 16. Beartooth Co. paid Summit Company for purchase of August 1, less discount and less return of August 6. 25. Beartooth Co. paid Summit Company on account for purchase of August 15, less discount. 31. Beartooth Co. paid Summit Company on account for purchase of August 5. Instructions Journalize the August transactions for (1) Summit Company and (2) Beartooth Co
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following selected transactions were completed during August between Summit Com- pany 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 merchandise 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 merchandise sold was $40,000.
6. Beartooth Co. returned $10,500 of merchandise purchased on account on August 1 from Summit Company. The cost of the merchandise returned was $6,300.
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 merchandise sold was $35,000.
16. Beartooth Co. paid Summit Company for purchase of August 1, less discount and less return of August 6.
25. Beartooth Co. paid Summit Company on account for purchase of August 15, less discount.
31. Beartooth Co. paid Summit Company on account for purchase of August 5.
Instructions
Journalize the August transactions for (1) Summit Company and (2) Beartooth Co
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