Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exactwording of account titles. The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies use the net methodunder a perpetual inventory system.1 Summit Company sold merchandise on account to Beartooth Co., $49,050, terms FOB destination.2/15, n/eom. The cost of the goods sold was $28,370.Summit Company paid freight of $1,160 for delivery of merchandise sold to Beartooth Co. on August 1.Summit Company sold merchandise on account to Beartooth Co., $68,590, terms FOB shipping.point,Aug.25n/eom. The cost of the goods sold was $43,250.9Beartooth Co. paid freight of $2,440 on August 5 purchase from Summit Company.15Summit 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$31,720.16Beartooth Co. paid Summit Company for purchase of August 1.20Summit Company paid Beartooth Co. a cash refund of $1,100 for defective merchandise purchased onAugust 1. Beartooth Co. kept the merchandise.31Beartooth Co. paid Summit Company on account for purchase of August 5.31Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of$3,500 that was returned from the August 15 sale. The cost of the merchandise returned was $2,500.

Name: Journalize the August transactions for (1) Summit Company and (2) Bea
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exactwording of account titles. The following selected transactions were completed during August between Su

A journal entry is a record of the business transactions in the accounting books of a business. A…

Business

Accounting

Summit Company sold merchandise on account to Beartooth Co., $49,050, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,370. 2 Summit Company paid freight of $1,160 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $68,590, terms FOB shipRing.point, 1 n/eom. The cost of the goods sold was $43,250. Beartooth Co. paid freight of $2,440 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $59,500, terms FOB shipping point,

Summit Company sold merchandise on account to Beartooth Co., $49,050, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,370. 2 Summit Company paid freight of $1,160 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $68,590, terms FOB shipRing.point, 1 n/eom. The cost of the goods sold was $43,250. Beartooth Co. paid freight of $2,440 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $59,500, terms FOB shipping point,

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

See similar textbooks

Similar questions

On December 31, Marchant Company took a physical count of its merchandise inventory. It operates under the perpetual inventory system. The physical count amounted to 185,294. The Merchandise Inventory account shows a balance of 187,936. Journalize the adjusting entry.
Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Jaffe Co. on February 28 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Coronado Co. on October 31 by the gross profit method, presenting details of the computations. b. Assume that Coronado Co. took a physical inventory on October 31 and discovered that 366,500 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during May through October?
Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that 369,750 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March through November?
Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A physical count reveals that the latest inventory amount is 256,339. Record the adjusting entries, using T accounts.
RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
Retail method; gross profit method Selected data on inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows: Instructions 1. Determine the estimated cost of the inventory of Jaffe Co. on February 28 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the inventory of Coronado Co. on October 31 by the gross profit method, presenting details of the computations. b. Assume that Coronado Co. took a physical inventory on October 31 and discovered that 366,500 of inventory was on hand. What was the estimated loss of inventory due to theft or damage during May through October?
Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, 1,815.24. The cost of merchandise was 1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, 622. The cost of the merchandise was 485. c. Bought merchandise on account from Michals Inc., invoice no. 1685, 850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, 65.00 (total 915). d. Received credit memorandum no. 219 from Michals Inc. for merchandise returned, 210.
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).