Summit Company sold merchandise on account to Beartooth Aug. Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the 1. merchandise sold was $28,800. Summit Company paid freight of $1,150 for delivery of 2. merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise 011 account to Beartooth Co., 866,000, terms FOB shipping point, n/45- The cost of the 5. merchandise sold was $40,000. Bcartooth Co. paid freight of $2,300 on August 5 purchase from 9. Summit Company. Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, 1/10, n/30. Summit 15. Company paid freight of $1,675, which was added to the invoice. The cost of the merchandise sold was $35,000. 16. Beartooth Co. paid Summit Company for purchase of August 1. Summit Company paid Beartooth Co. a refund of $1,800 for 20. defective merchandise In the August 1 purchase. Beartooth Co. agreed to keep the merchandise. Beartooth Co. paid Summit Company on account for purchase of 25. August 15. Summit Company granted a customer allowance (credit memo) to Beartooth Co. for $6,000 (invoiced amount) for merchandise S1. that was returned from the August 1 purchase. The cost of the merchandise returned was $3,200.
Summit Company sold merchandise on account to Beartooth Aug. Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the 1. merchandise sold was $28,800. Summit Company paid freight of $1,150 for delivery of 2. merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise 011 account to Beartooth Co., 866,000, terms FOB shipping point, n/45- The cost of the 5. merchandise sold was $40,000. Bcartooth Co. paid freight of $2,300 on August 5 purchase from 9. Summit Company. Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, 1/10, n/30. Summit 15. Company paid freight of $1,675, which was added to the invoice. The cost of the merchandise sold was $35,000. 16. Beartooth Co. paid Summit Company for purchase of August 1. Summit Company paid Beartooth Co. a refund of $1,800 for 20. defective merchandise In the August 1 purchase. Beartooth Co. agreed to keep the merchandise. Beartooth Co. paid Summit Company on account for purchase of 25. August 15. Summit Company granted a customer allowance (credit memo) to Beartooth Co. for $6,000 (invoiced amount) for merchandise S1. that was returned from the August 1 purchase. The cost of the merchandise returned was $3,200.
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 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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Question
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.:
Instructions
Journalize the August transactions for (1) Summit Company and (2)
Beartooth Co.
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