Business, 28.02.2021 17:00 wowihavefun

Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System 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., $45,550, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $27,960.
2. Summit Company paid freight of $1,125 for delivery of merchandise sold to Beartooth Co. on August 1.
5. Summit Company sold merchandise on account to Beartooth Co., $59,600, terms FOB shipping point, n/eom. The cost of the goods sold was $43,900.
9. Beartooth Co. paid freight of $2,440 on August 5 purchase from Summit Company.
15. Summit Company sold merchandise on account to Beartooth Co., $63,100, terms FOB shipping point, 1/10, n/30. Summit paid freight of $1,625, which was added to the invoice. The cost of the goods sold was $38,480.
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.

Required:
Journalize the August transactions for Beartooth Co.

Answers: 2

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Answer from: dora8798

1. Summit Company sold merchandise on account to Beartooth Co., $45,550, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $27,960.

Dr Merchandise inventory 45,550

Cr Accounts payable 45,550

2. Summit Company paid freight of $1,125 for delivery of merchandise sold to Beartooth Co. on August 1.

no journal entry

5. Summit Company sold merchandise on account to Beartooth Co., $59,600, terms FOB shipping point, n/eom. The cost of the goods sold was $43,900.

Dr Merchandise inventory 59,600

Cr Accounts payable 59,600

9. Beartooth Co. paid freight of $2,440 on August 5 purchase from Summit Company.

Dr Merchandise inventory 2,440

Cr Cash 2,440

15. Summit Company sold merchandise on account to Beartooth Co., $63,100, terms FOB shipping point, 1/10, n/30. Summit paid freight of $1,625, which was added to the invoice. The cost of the goods sold was $38,480.

Dr Merchandise inventory 64,725

Cr Accounts payable 64,725

16. Beartooth Co. paid Summit Company for purchase of August 1.

Dr Accounts payable 45,550

Cr Cash 44,639

Cr Purchase discounts 911

25. Beartooth Co. paid Summit Company on account for purchase of August 15.

Dr Accounts payable 64,725

Cr Cash 64,0949

Cr Purchase discounts 631

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

Dr Accounts payable 59,600

Cr Cash 59,600

Answer from: Quest

convection currents in magma drive plate tectonics. the answer is true.

Answer from: Quest

Answer:

the correct answer is economics is a game without winners or losers.

explanation:

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

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