The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. Summit Company sold merchandise on account to Beartooth Co., $52,150, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $25,940. 2 Summit Company paid freight of $1,235 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $60,090, terms FOB shipping point, n/45. The cost of the merchandise sold was $36,900. 9 Beartooth Co. paid freight of $2,140 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $62,600, terms FOB shipping point, 1/10, n/30. Summit Company paid freight of $1,515, which was added to the invoice. The cost of the merchandise sold was $32,600. 16 Beartooth Co. paid Summit Company for purchase of August 1. 20 Summit Company paid Beartooth Co. a refund of $1,800 for defective merchandise in the August 1 purchase. Beartooth Co. agreed to keep the merchandise. 25 Beartooth Co. paid Summit Company on account for purchase of August 15. Required: Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. Summit Company sold merchandise on account to Beartooth Co., $52,150, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $25,940. 2 Summit Company paid freight of $1,235 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $60,090, terms FOB shipping point, n/45. The cost of the merchandise sold was $36,900. 9 Beartooth Co. paid freight of $2,140 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $62,600, terms FOB shipping point, 1/10, n/30. Summit Company paid freight of $1,515, which was added to the invoice. The cost of the merchandise sold was $32,600. 16 Beartooth Co. paid Summit Company for purchase of August 1. 20 Summit Company paid Beartooth Co. a refund of $1,800 for defective merchandise in the August 1 purchase. Beartooth Co. agreed to keep the merchandise. 25 Beartooth Co. paid Summit Company on account for purchase of August 15. Required: Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Transcribed Image Text: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., $52,150, terms FOB destination,
2/15, n/eom. The cost of the merchandise sold was $25,940.
2
Summit Company paid freight of $1,235 for delivery of merchandise sold to Beartooth Co. on August 1.
Summit Company sold merchandise on account to Beartooth Co., $60,090, terms FOB shipping point,
n/45. The cost of the merchandise sold was $36,900.
9.
Beartooth Co. paid freight of $2,140 on August 5 purchase from Summit Company.
15
Summit Company sold merchandise on account to Beartooth Co., $62,600, terms FOB shipping point,
1/10, n/30. Summit Company paid freight of $1,515, which was added to the invoice. The cost of the
merchandise sold was $32,600.
16
Beartooth Co. paid Summit Company for purchase of August 1.
20
Summit Company paid Beartooth Co. a refund of $1,800 for defective merchandise in the August 1
purchase. Beartooth Co. agreed to keep the merchandise.
25
Beartooth Co. paid Summit Company on account for purchase of August 15.
Required:
Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the chart of accounts for the exact wording of the
account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW
journals will automatically indent a credit entry when a credit amount is entered.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education