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
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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.
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fea153e2d-c94d-4f10-bf9b-64550afc56f9%2F77d850b0-1e9d-43de-ba7d-f1d7eea83a87%2Fdo0bdq.png&w=3840&q=75)
Transcribed Image Text: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.
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