CHART OF ACCOUNTSBeartooth Co.General Ledger CHART OF ACCOUNTSSummit CompanyGene
ID: 2340305 • Letter: C
Question
CHART OF ACCOUNTSBeartooth Co.General Ledger
CHART OF ACCOUNTSSummit CompanyGeneral Ledger
Interest Expense
The following selected transactions were completed during August between Summit Company and Beartooth Co.:
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.
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 EquipmentExplanation / Answer
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