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Sales-related and purchase-related transactions for seller and buyer using perpetual inventory system 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 goods sold was $28,800. 2. Summit Company paid freight of $ 1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point n/eom. The cost of the goods sold was $40,000. 9. Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. 15. Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, 1/10, n/30. Summit paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000. 16. Beartooth Co. paid Summit Company for purchase of August 1. 25. Beartooth Co. paid Summit Company on account for purchase of August 15. 31. Beartooth Co. paid Summit Company on account for purchase of August 5. Instructions Journalize the August transactions for (1) Summit Company and (2) Beartooth Co.

BuyFind

Financial & Managerial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337119207
BuyFind

Financial & Managerial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337119207

Solutions

Chapter
Section
Chapter 5, Problem 5.4APR
Textbook Problem

Sales-related and purchase-related transactions for seller and buyer using perpetual inventory system

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 goods sold was $28,800.
2. Summit Company paid freight of $ 1,150 for delivery of merchandise sold to Beartooth Co. on August 1.
5. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point n/eom. The cost of the goods sold was $40,000.
9. Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company.
15. Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, 1/10, n/30. Summit paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000.
16. Beartooth Co. paid Summit Company for purchase of August 1.
25. Beartooth Co. paid Summit Company on account for purchase of August 15.
31. Beartooth Co. paid Summit Company on account for purchase of August 5.

Instructions

Journalize the August transactions for (1) Summit Company and (2) Beartooth Co.

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Chapter 5 Solutions

Financial & Managerial Accounting
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