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. ?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 16MC: Sandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would...

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