1.
Summit Company | ||||||
Date | Account Titles | Debit | Credit | Assets | Liabilities | Equity |
Aug-01 | Accounts Receivable | $ 48,000 | I | |||
Sales Revenue | $ 48,000 | I | ||||
(Sales made on account) | ||||||
Aug-02 | Delivery Expense | $ 1,150 | D | |||
Cash | $ 1,150 | D | ||||
(Payment of freight on sale) | ||||||
Aug-05 | Accounts Receivable | $ 66,000 | I | |||
Sales Revenue | $ 66,000 | I | ||||
(Sales made on account) | ||||||
Aug-09 | No entry | |||||
Aug-15 | Accounts Receivable | $ 60,375 | I | |||
Sales Revenue | $ 58,700 | I | ||||
Cash | $ 1,675 | D | ||||
(Sales made on account and freight paid) | ||||||
Aug-16 | Cash | $ 47,040 | I | |||
Sales Discount | $ 960 | D | ||||
Accounts Receivable | $ 48,000 | D | ||||
(Cash collected after 2% discount) | ||||||
Aug-20 | Sales returns and allowances | $ 1,000 | D | |||
Cash | $ 1,000 | D | ||||
(Refund made for defective products) | ||||||
Aug-31 | Cash | $ 66,000 | I | |||
Accounts Receivable | $ 66,000 | D | ||||
(Cash collected) | ||||||
Aug-31 | Sales returns and allowances | $ 4,000 | I | |||
Accounts Receivable | $ 4,000 | D | ||||
(Sales return) |
2.
Beartooth Company | ||||||
Date | Account Titles | Debit | Credit | Assets | Liabilities | Equity |
Aug-01 | Purchase | $ 48,000 | D | |||
Accounts Payable | $ 48,000 | I | ||||
(Purchase made on account) | ||||||
Aug-02 | Freight in | $ 1,150 | D | |||
Cash | $ 1,150 | D | ||||
(Payment of freight on purchase) | ||||||
Aug-05 | Purchase | $ 66,000 | D | |||
Accounts Payable | $ 66,000 | I | ||||
(Purchase made on account) | ||||||
Aug-09 | Freight in | $ 2,300 | D | |||
Cash | $ 2,300 | D | ||||
(Payment of freight on purchase) | ||||||
Aug-15 | Purchase | $ 58,700 | D | |||
Freight In | $ 1,675 | D | ||||
Accounts Payable | $ 60,375 | I | ||||
(Purchases made on account) | ||||||
Aug-16 | Accounts Payable | $ 48,000 | D | |||
Purchase Discount | $ 960 | I | ||||
Cash | $ 47,040 | D | ||||
(Cash paid after 2% discount) | ||||||
Aug-20 | Cash | $ 1,000 | I | |||
Purchase Returns and allowances | $ 1,000 | I | ||||
(Refund received for defective products) | ||||||
Aug-31 | Accounts Payable | $ 66,000 | D | |||
Cash | $ 66,000 | D | ||||
(Cash paid) | ||||||
Aug-31 | Accounts Payable | $ 4,000 | D | |||
Purchase Returns and allowances | $ 4,000 | I | ||||
(Purchase return made) |
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1...
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...
The following selected transactions were completed during August between Summit Co. and Beartooth Co. Aug. 1 Summit Co. sold merchandise on account to Beartooth Co., $52,150, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $25,940. 2 Summit Co. paid freight of $1,235 for delivery of merchandise sold to Beartooth Co. on August 1. 5 15 16 20 Summit Co. sold merchandise on account to Beartooth Co., $60,090, terms FOB shipping point, n/eom. The cost of the...
The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies use the net method under a perpetual inventory system. Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $49,050, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,370. 2 Summit Company paid freight of $1,160 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $68,590, terms...
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/45. The cost of the merchandise sold was...
The following selected transactions were completed during August between Summit Co. and Beartooth Co.: Aug. 1 Summit Co. sold merchandise on account to Beartooth Co., $47,600, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $27,760. 2 Summit Co. paid freight of $1,265 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Co. sold merchandise on account to Beartooth Co., $63,980, terms FOB shipping point, n/eom. The cost of the merchandise sold was...
instucions The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug 1 2 5 Summit Company sold merchandise on account to Beartooth Co., 348,000, terrs FOB destination. 2/15, n/eom. The cost of the goods sold was $28,800. Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1 Summit Company sold merchandise on account to Beartooth Co., 566,000, terms FOB shipping point n/eom. The cost of the goods sold...
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., $43,500, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $29,330. 2 Summit Company paid freight of $1,110 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $69,400, terms FOB shipping point, n/eom. The cost of the goods sold was...
Instructions The following selected transactions were completed during August between Summit Company and Beartooth Co.: 1 Summit Company sold merchandise on account to Beartooth Co., $52,150, terms Aug. FOB destination, 2/15, nleom. The cost of the goods sald was $25,940. 2 Summit Company paid freight of $1,235 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $60,090, terms FOB shipping.point, n/eom. The cost of the goods sold was...
The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies use the net method under a perpetual inventory system. Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $52,150, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $25,940. 2 Summit Company paid freight of $1,235 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $60,090, terms...
Instructions Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. structions Aug. 1 2 5 9 15 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. Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point. neom. The cost of the goods sold was $40,000. Beartooth...