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Category > Accounting Posted 05 Aug 2017 My Price 11.00

Beartooth Co

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

The following selected transactions were completed during August between Summit Com- pany 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.

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

 

 

Aug. 15. 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.

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.

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Aug 2017 09:08 PM My Price 11.00

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