Answer:
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
