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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.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 2EB: X Company accepts goods on consignment from C Company, and also purchases goods from P Company...
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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.
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.
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