Question

Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15,...

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.

Homework Answers

Answer #1

Date

Debit

Credit

1-aug

Accounts receivable

48000

Sale

48000

1

Cost of goods sold

28800

Inventory

28800

2

Freight expense

1150

Cash

1150

5

Accounts receivable

66000

Sale

66000

5

Cost of goods sold

40000

Inventory

40000

9

No journal entry

15

Accounts receivable

60375

Sale

58700

Cash

1675

15

Cost of goods sold

35000

Inventory

35000

16

Cash

48000

Accounts receivable

48000

25

Cash account

59788

Cash discount (58700*1%)

587

Account receivable

60375

31

Cash

66000

Account receivable

66000

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