Summit 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. What would it look like in the Journal for Beartooth Co. ?

Summit 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. What would it look like in the Journal for Beartooth Co. ?

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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