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Category > Accounting Posted 24 Sep 2017 My Price 7.00

Summit Company

PR 5-4A Sales-related and purchase-related transactions for seller and buyer

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. 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 merchandise sold was $40,000.

6. Beartooth Co. returned $10,500 of merchandise purchased on account on August 1 from Summit Company. The cost of the merchandise returned was $6,300.

9. Bear tooth Co. paid freight of $2,300 on August 5 purchase from Summit Company.

15. Summit Company sold merchandise on account to Bear tooth 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.

16. Bear tooth Co. paid Summit Company for purchase of August 1, less discount and less return of August 6.

25. Bear tooth Co. paid Summit Company on account for purchase of August 15, less discount.

31. Bear tooth Co. paid Summit Company on account for purchase of August 5.

Instructions

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

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 10:09 PM My Price 7.00

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