CHART OF ACCOUNTSBeartooth Co.General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory...

CHART OF ACCOUNTSBeartooth Co.General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
125	Notes Receivable
130	Inventory
131	Estimated Returns Inventory
140	Office Supplies
141	Store Supplies
142	Prepaid Insurance
180	Land
192	Store Equipment
193	Accumulated Depreciation-Store Equipment
194	Office Equipment
195	Accumulated Depreciation-Office Equipment

	LIABILITIES
211	Accounts Payable-Summit Company
216	Salaries Payable
218	Sales Tax Payable
219	Customer Refunds Payable
221	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
521	Delivery Expense
522	Advertising Expense
524	Depreciation Expense-Store Equipment
525	Depreciation Expense-Office Equipment
526	Salaries Expense
531	Rent Expense
533	Insurance Expense
534	Store Supplies Expense
535	Office Supplies Expense
536	Credit Card Expense
539	Miscellaneous Expense
710	Interest Expense

CHART OF ACCOUNTSSummit CompanyGeneral Ledger

	ASSETS
110	Cash
121	Accounts Receivable-Beartooth Co.
125	Notes Receivable
130	Inventory
131	Estimated Returns Inventory
140	Office Supplies
141	Store Supplies
142	Prepaid Insurance
180	Land
192	Store Equipment
193	Accumulated Depreciation-Store Equipment
194	Office Equipment
195	Accumulated Depreciation-Office Equipment

	LIABILITIES
210	Accounts Payable
216	Salaries Payable
218	Sales Tax Payable
219	Customer Refunds Payable
221	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
521	Delivery Expense
522	Advertising Expense
524	Depreciation Expense-Store Equipment
525	Depreciation Expense-Office Equipment
526	Salaries Expense
531	Rent Expense
533	Insurance Expense
534	Store Supplies Expense
535	Office Supplies Expense
536	Credit Card Expense
539	Miscellaneous Expense
710	Interest Expense

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 $40,000.
	9	Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company.
	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 goods 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.

Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles.

Expert Solution

Date	General Journal	Debit	Credit
1-Aug	Accounts Receivable—Beartooth Co	48000
	Sales		48000

1	Cost of Merchandise Sold	28800
	Merchandise Inventory		28800

2	Delivery Expense	1150
	Cash		1150

5	Accounts Receivable—Beartooth Co.	66000
	Sales		66000

5	Cost of Merchandise Sold	40000
	Merchandise Inventory		40000

15	Accounts Receivable—Beartooth Co.	58700
	Sales		58700

15	Accounts Receivable—Beartooth Co.	1675
	Cash		1675

15	Cost of Merchandise Sold	35000
	Merchandise Inventory		35000

16	Cash	47040
	Sales Discounts	960
	Accounts Receivable—Beartooth Co.		48000
	48000*2%

25	Cash	59788
	Sales Discounts 58700*1%	587
	Accounts Receivable—Beartooth Co. 58700+1675		60375

31	Cash	66000
	Accounts Receivable—Beartooth Co.		66000

2	Beartooth Co

1	Merchandise Inventory	48000
	Accounts Payable—Summit Company		48000

5	Merchandise Inventory	66000
	Accounts Payable—Summit Company		66000

9	Merchandise Inventory	2300
	Cash		2300

15	Merchandise Inventory	60375
	Accounts Payable—Summit Company		60375

16	Accounts Payable—Summit Company	48000
	Cash		47040
	Merchandise Inventory		960

25	Accounts Payable—Summit Company	60375
	Cash		59788
	Merchandise Inventory		587

31	Accounts Payable—Summit Company	66000
	Cash		66000

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