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., $48,000, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $28,800. 2 5 9 15 16 20 25 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/45. The cost of the merchandise sold was $40,000. Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, 1/10, n/30. Summit Company paid freight of $1,675, which was added to the invoice. The cost of the merchandise sold was $35,000. Beartooth Co. paid Summit Company for purchase of August 1. 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. Beartooth Co. paid Summit Company on account for purchase of August 15.
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., $48,000, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $28,800. 2 5 9 15 16 20 25 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/45. The cost of the merchandise sold was $40,000. Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, 1/10, n/30. Summit Company paid freight of $1,675, which was added to the invoice. The cost of the merchandise sold was $35,000. Beartooth Co. paid Summit Company for purchase of August 1. 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. Beartooth Co. paid Summit Company on account for purchase of August 15.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter9: Accounting For Purchases And Cash Payments
Section: Chapter Questions
Problem 2AP
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