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The following selected transactions were completed during August between Summit Company and Beartooth Go 1 Summit Company sold merchandise on account to Beartooth Co., $52,150, terms EOB destination. n/15 The cost of the goods sold was $25,940 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 EOB shipping point. n/eom. The cost of the goods sold was $36,900 Beartooth Co paid freight of $2,140 on August 5 purchase from Summit Company Summit Company sold merchandise on account to Beartooth Co., $62,600, terms FOB shipping point, n/45 Summit paid freight of $1,515, which was added to the invoice. The cost of the goods sold was $32,600 Aug 2 5 9 15 16 20 31 31 Beartooth Co. paid Summit Company for purchase of August 1. Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co kept the merchandise. Beartooth Co. paid Summit Company on account for purchase of August 5. Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of $3,800 that was returned from the August 15 sale. The cost of the merchandise returned was $2,200 Required: Journalize the August transactions for (1) Summit Company and (2) Beartooth Co

The following selected transactions were completed during August between Summit Company and Beartooth Go 1 Summit Company sold merchandise on account to Beartooth Co., $52,150, terms EOB destination. n/15 The cost of the goods sold was $25,940 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 EOB shipping point. n/eom. The cost of the goods sold was $36,900 Beartooth Co paid freight of $2,140 on August 5 purchase from Summit Company Summit Company sold merchandise on account to Beartooth Co., $62,600, terms FOB shipping point, n/45 Summit paid freight of $1,515, which was added to the invoice. The cost of the goods sold was $32,600 Aug 2 5 9 15 16 20 31 31 Beartooth Co. paid Summit Company for purchase of August 1. Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co kept the merchandise. Beartooth Co. paid Summit Company on account for purchase of August 5. Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of $3,800 that was returned from the August 15 sale. The cost of the merchandise returned was $2,200 Required: Journalize the August transactions for (1) Summit Company and (2) Beartooth Co

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.1P: Purchase-related transactions The following selected transactions were completed by Epic Co. during...
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The following selected transactions were completed during August between Summit Company and Beartooth Co. 1 Summit Company sold merchandise on account to Beartooth Co., $52,150, terms FOB destination. n/15 The cost of the goods sold was $25,940 Aug 2 5 9 15 16 20 31 31 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/eom. The cost of the goods sold was $36,900 Beartooth Co paid freight of $2,140 on August 5 purchase from Summit Company. Summit Company sold merchandise on account to Beartooth Co., $62,600, terms FOB shipping point, n/45. Summit paid freight of $1,515, which was added to the invoice. The cost of the goods sold was $32,600 Beartooth Co. paid Summit Company for purchase of August 1. Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co. kept the merchandise. Beartooth Co. paid Summit Company on account for purchase of August 5 Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of $3,800 that was returned from the August 15 sale. The cost of the merchandise returned was $2,200. Required: Journalize the August transactions for (1) Summit Company and (2) Beartooth Co.
Transcribed Image Text:The following selected transactions were completed during August between Summit Company and Beartooth Co. 1 Summit Company sold merchandise on account to Beartooth Co., $52,150, terms FOB destination. n/15 The cost of the goods sold was $25,940 Aug 2 5 9 15 16 20 31 31 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/eom. The cost of the goods sold was $36,900 Beartooth Co paid freight of $2,140 on August 5 purchase from Summit Company. Summit Company sold merchandise on account to Beartooth Co., $62,600, terms FOB shipping point, n/45. Summit paid freight of $1,515, which was added to the invoice. The cost of the goods sold was $32,600 Beartooth Co. paid Summit Company for purchase of August 1. Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co. kept the merchandise. Beartooth Co. paid Summit Company on account for purchase of August 5 Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of $3,800 that was returned from the August 15 sale. The cost of the merchandise returned was $2,200. Required: Journalize the August transactions for (1) Summit Company and (2) Beartooth Co.
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