I'm having trouble with the following problem from Cengage. I’m getting error messages in the journalizing for Summit Company. Included are the instructions and screenshots of my results. Please help.

The following selected transactions were completed during August between Summit Companyy and Beartooth Co.

Aug

1

Summit Company sold merchandise on account to Beartooth Co., $48,000, term 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 issue 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.

Journalize the entries to record the transactions for (1) summit Company and (2) Beartooth Co., assuming that both companies use the periodic inventory system. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles.

Chart of Accounts

Summit Company

General Ledger

ASSETS

REVENUE

110 Cash

410 Sales

121 Accounts Receivable-Beartooth Co.

610 Interest Revenue

125 Notes Receivable

EXPENSES

130 Inventory

510 Purchases

131 Estimated Returns Inventory

511 Purchases Returns and Allowances

140 Office Supplies

512 Purchases Discounts

141 Store Supplies

513 Freight In

142 Prepaid Insurance

521 Delivery Expense

192 Store Equipment

522 Advertising expense

193 Accumulated depreciation-store equipment

524 Depreciation expense-store equipment

194 Office equipment

525 Depreciation expense-office equipment

195 Accumulated depreciation-office equipment

526 Salaries Expense

LIABILITIES

531 Rent Expense

210 Accounts Payable

533 Insurance Expense

216 Salaries Payable

534 Store Supplies Expense

218 Sales Tax Payable

535 Office Supplies Expense

219 Customer Refunds Payable

536 Credit Card Expense

221 Notes Payable

539 Miscellaneous Expense

EQUITY

710 Interest Expense

310 Common Stock

311 Retained Earnings

312 Dividends

CHART OF ACCOUNTS

Beartooth Co.

General Ledger

ASSETS

REVENUE

110

Cash

410

Sales

120

Accounts Receivable

610

Interest Revenue

125

Notes Receivable

EXPENSES

130

Inventory

510

Purchases

140

Office Supplies

511

Purchases Returns and Allowances

141

Store Supplies

512

Purchases Discounts

142

Prepaid Insurance

513

Freight In

180

Land

521

Delivery Expense

192

Store Equipment

522

Advertising Expense

193

Accumulated Depreciation-Store Equipment

524

Depreciation Expense-Store Equipment

194

Office Equipment

525

Depreciation Expense-Office Equipment

195

Accumulated Depreciation-Office Equipment

526

Salaries Expense

LIABILITIES

531

Rent Expense

211

Accounts Payable-Summit Company

533

Insurance Expense

216

Salaries Payable

534

Store Supplies Expense

218

Sales Tax Payable

535

Office Supplies Expense

219

Customer Refunds Payable

536

Credit Card Expense

221

Notes Payable

539

Miscellaneous Expense

EQUITY

710

Interest Expense

310

Common Stock

311

Retained Earnings

312

Dividends

Transcribed Image Text:Journal-Summit Company Shaded cells have feedback. Jales 00,000.00 Aug. 9 no entry 8 no entry Aug. 15 Accounts Receivable-Beartooth Co. 58,700.00 9 10 Sales 58,700.00 Aug. 15 Accounts Receivable-Beartooth Co. 1,675.00 11 12 Cash 1,675.00 Aug. 16 Cash 47,040.00 13 14 Accounts Receivable-Beartooth Co. 47,040.00 Aug. 20 Customer Refunds Payable 1,000.00 15 16 Cash 1,000.00 Aug. 31 Cash 66,000.00 17 18 Accounts Receivable-Beartooth Co. 66,000.00 Aug. 31 Customer Refunds Payable 4,000.00 19 20 Accounts Receivable-Beartooth Co. 4,000.00
Transcribed Image Text:Journal-Summit Company Shaded cells have feedback PAGE 10 JOURNAL Score: 228/251 ACCOUNTINC FOLATION DATE DESCRIPTION POST, REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Aug. 1 Accounts Receivable-Beartooth Co. 47,040.00 ↑ 2 Sales 47,040.00 ↑ Aug. 2 Delivery Expense 1,150.00 3 4 Cash 1,150.00 Aug. 5 Accounts Receivable-Beartooth Co. 66,000.00 5 6 Sales 66,000.00 Aug. 9 no entry 7 8 no entry Aug. 15 Accounts Receivable-Beartooth Co. 58,700.00 9 10 Sales 58,700.00 Aug. 15 Accounts Receivable-Beartooth Co. 1,675.00 11 12 Cash 1,675.00 Aug. 16 Cash 47,040.00 13

Question

I'm having trouble with the following problem from Cengage. I’m getting error messages in the journalizing for Summit Company. Included are the instructions and screenshots of my results. Please help.

The following selected transactions were completed during August between Summit Companyy and Beartooth Co.

Aug	1	Summit Company sold merchandise on account to Beartooth Co., $48,000, term 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 issue 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.

Journalize the entries to record the transactions for (1) summit Company and (2) Beartooth Co., assuming that both companies use the periodic inventory system. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles.

Chart of Accounts

Summit Company

General Ledger

ASSETS	REVENUE
110 Cash	410 Sales
121 Accounts Receivable-Beartooth Co.	610 Interest Revenue
125 Notes Receivable	EXPENSES
130 Inventory	510 Purchases
131 Estimated Returns Inventory	511 Purchases Returns and Allowances
140 Office Supplies	512 Purchases Discounts
141 Store Supplies	513 Freight In
142 Prepaid Insurance	521 Delivery Expense
192 Store Equipment	522 Advertising expense
193 Accumulated depreciation-store equipment	524 Depreciation expense-store equipment
194 Office equipment	525 Depreciation expense-office equipment
195 Accumulated depreciation-office equipment	526 Salaries Expense
LIABILITIES	531 Rent Expense
210 Accounts Payable	533 Insurance Expense
216 Salaries Payable	534 Store Supplies Expense
218 Sales Tax Payable	535 Office Supplies Expense
219 Customer Refunds Payable	536 Credit Card Expense
221 Notes Payable	539 Miscellaneous Expense
EQUITY	710 Interest Expense
310 Common Stock
311 Retained Earnings
312 Dividends

CHART OF ACCOUNTS

Beartooth Co.

General Ledger

ASSETS

REVENUE

110

Cash

410

Sales

120	Accounts Receivable

610	Interest Revenue

125	Notes Receivable

EXPENSES

130

Inventory

510

Purchases

140	Office Supplies

511	Purchases Returns and Allowances

141	Store Supplies

512	Purchases Discounts

142	Prepaid Insurance

513	Freight In

180

Land

521	Delivery Expense

192	Store Equipment

522	Advertising Expense

193	Accumulated Depreciation-Store Equipment

524	Depreciation Expense-Store Equipment

194	Office Equipment

525	Depreciation Expense-Office Equipment

195	Accumulated Depreciation-Office Equipment

526	Salaries Expense

LIABILITIES

531	Rent Expense

211	Accounts Payable-Summit Company

533	Insurance Expense

216	Salaries Payable

534	Store Supplies Expense

218	Sales Tax Payable

535	Office Supplies Expense

219	Customer Refunds Payable

536	Credit Card Expense

221	Notes Payable

539	Miscellaneous Expense

EQUITY

710	Interest Expense

310	Common Stock

311	Retained Earnings

312

Dividends

Journal-Summit Company
Shaded cells have feedback.
Jales
00,000.00
Aug. 9
no entry
8
no entry
Aug. 15
Accounts Receivable-Beartooth Co.
58,700.00
9
10
Sales
58,700.00
Aug. 15
Accounts Receivable-Beartooth Co.
1,675.00
11
12
Cash
1,675.00
Aug. 16 Cash
47,040.00
13
14
Accounts Receivable-Beartooth Co.
47,040.00
Aug. 20
Customer Refunds Payable
1,000.00
15
16
Cash
1,000.00
Aug. 31
Cash
66,000.00
17
18
Accounts Receivable-Beartooth Co.
66,000.00
Aug. 31
Customer Refunds Payable
4,000.00
19
20
Accounts Receivable-Beartooth Co.
4,000.00

Journal-Summit Company
Shaded cells have feedback
PAGE 10
JOURNAL
Score: 228/251
ACCOUNTINC FOLATION
DATE
DESCRIPTION
POST, REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
Aug. 1
Accounts Receivable-Beartooth Co.
47,040.00
↑
2
Sales
47,040.00
↑
Aug. 2 Delivery Expense
1,150.00
3
4
Cash
1,150.00
Aug. 5
Accounts Receivable-Beartooth Co.
66,000.00
5
6
Sales
66,000.00
Aug. 9
no entry
7
8
no entry
Aug. 15
Accounts Receivable-Beartooth Co.
58,700.00
9
10
Sales
58,700.00
Aug. 15
Accounts Receivable-Beartooth Co.
1,675.00
11
12
Cash
1,675.00
Aug. 16 Cash
47,040.00
13

Accepted Answer

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