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

ekkarill92 answered 9 months ago

Solve the follwing problem. CHART OF ACCOUNTSBeartooth Co.General Ledger ASSETS 110 Cash 120 Accounts Receivable 125...

Solve the follwing problem. 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...

7. CHART OF ACCOUNTS Lawn Spray Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131...

7. CHART OF ACCOUNTS Lawn Spray Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in...

Solve the follwing problem. CHART OF ACCOUNTSSherwood Co.General Ledger ASSETS 110 Cash 111 Accounts Receivable 112...

Solve the follwing problem. CHART OF ACCOUNTSSherwood Co.General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment 127 Tools 128 Accumulated Depreciation-Tools LIABILITIES 210 Accounts Payable-Kirkwood Co. 211 Accounts Payable-Greenwood Co. 212 Accounts Payable-Poulin Co. 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees...

Chart of Accounts for Techno Engineering Supplies Company Assets: 101 Cash 105 Accounts Receivable 110 Note...

Chart of Accounts for Techno Engineering Supplies Company Assets: 101 Cash 105 Accounts Receivable 110 Note Receivable 115 Inventory 120 Prepaid Insurance 125 Warehouse Building 130 Equipment Liabilities: 201 Account Payable 205 Note Payable 210 Wages Payable 215 Loan Payable 220 Interest Payable Owners’ Equity: 301 Capital Stock 310 Dividends Revenues: 401 Sales Revenue 405 Interest Revenue Expenses: 501 Cost of Goods Sold 505 Wages Expense 510 Utilities Expense 515 Insurance Expense 520 Income Tax Expense ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Assume...

CHART OF ACCOUNTS Elite RealtyGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14...

CHART OF ACCOUNTS Elite RealtyGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Office Supplies 16 Land LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Salary and Commission Expense 52 Rent Expense 53 Advertising Expense 54 Automobile Expense 59 Miscellaneous Expense Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on...

110 Cash $2,500.00 $0.00 120 Accounts Receivable 2,500.00 - 140 Inventory 4,200.00 - 151 Prepaid Insurance...

110 Cash $2,500.00 $0.00 120 Accounts Receivable 2,500.00 - 140 Inventory 4,200.00 - 151 Prepaid Insurance 200.00 - 161 Land 20,000.00 - 162 Building 50,000.00 - 165 Equipment 7,500.00 - 166 Vehicles 8,000.00 - 182 Acc. Dep. Building - 13,500.00 185 Acc. Dep. Equipment - 5,250.00 186 Acc. Dep. Vehicles - 2,000.00 200 Line of Credit - 25,000.00 210 Accounts Payable - 1,500.00 215 Interest Payable - 224 Sales Tax Payable - 1,100.00 230 Book Deposits - - 241 Notes...

ACCOUNT TITLE A/C # NOTES ASSETS CASH Permanent Accounts: ACCOUNTS RECEIVABLE Assets OFFICE FURNITURE ...

ACCOUNT TITLE A/C # NOTES ASSETS CASH Permanent Accounts: ACCOUNTS RECEIVABLE Assets OFFICE FURNITURE Liabilities OFFICE EQUIPMENT Owner's/Stockholders' Equity LIABILITIES Temporary Accounts: ACCOUNTS PAYALBE Revenue/Income Expense EQUITY AA CAPITAL AA DRAWING REVENUE Fee Income EXPENSE Advertising Expense Utilities Expense Salaries Expense Telephone Expense Miscellaneous Expense Adele Applegate is an architect who operates her own business. She has hired you to help her organize her journal entries. Journalize the transactions below in the journal provided in...

Solve the follwing problem. CHART OF ACCOUNTSWinklevoss Inc.General Ledger ASSETS 110 Cash 111 Petty Cash 121...

Solve the follwing problem. CHART OF ACCOUNTSWinklevoss Inc.General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 126 Interest Receivable 127 Notes Receivable 131 Merchandise Inventory 141 Office Supplies 142 Store Supplies 151 Prepaid Insurance 191 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 232 Interest Payable 241 Notes Payable 251 Bonds Payable 252 Discount on...

Assets Liabilities & Owners’ Equity Cash $500,000 Accounts Payable 0 Accounts Receivable $550,000 Notes Payable $600,000 Inventory...

Assets Liabilities & Owners’ Equity Cash $500,000 Accounts Payable 0 Accounts Receivable $550,000 Notes Payable $600,000 Inventory $750,000 Accruals $400,000 Total Current Assets $1,800,000 Total Current Liabilities 1,000,000 Net Plant & Equip $6,200,000 Long-Term Debt $4,000,000 Total Debt $5,000,000 Retained Earnings $1,500,000 Stockholders’ Equity $1,500,000 Total Equity 3,000,000 Total Assets $8,000,000 Total Liabilities & Owners’ Equity $8,000,000 You currently work for Capital One Financial. The firm is interested in pursuing a new banking project, but they are unsure of where and...

Solve the following problem. Selected stock transactions CHART OF ACCOUNTSParks Construction Inc.General Ledger ASSETS 110 Cash...

Solve the following problem. Selected stock transactions CHART OF ACCOUNTSParks Construction Inc.General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock...

Question