The following selected transactions were completed during August between Summit Company and...
Question:
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/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. |
Journalize the August transactions for (1) Summit Company and (2) Beartooth Co.
Journal Entries for Sales:
When goods are sold, the journal entry involves the following accounts: cash/account receivables, cost, inventory and sales. The inventory and sales accounts will be credited, while the cost of goods sold and cash accounts will be debited.
Answer and Explanation: 1
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View this answerJournal Entries for Summit Company:
| Date | Accounts Title and Explanations | Debit $ | Credit $ |
|---|---|---|---|
| 1-Aug | Accounts Receivable Dr. | $48,000 | |
| Sales Revenue | ... |
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