Homework Answers
| Answer: | ||||||
| Date | Account Tittle | Debit | Credit | Assets | Liabilities | Equity |
| Aug -01 | Account receivables A/c - Beartooth Co. | $ 48,000 | ↑ | |||
| sales a/c | $ 48,000 | ↑ | ||||
| Cost of Goods Sold A/c | $ 28,800 | ↑ | ||||
| Inventory A/c | $ 28,800 | ↓ | ||||
| Aug -2 | Delivery Expenses A/c | $ 1,150 | ↓ | |||
| Cash A/c | $ 1,150 | ↓ | ||||
| Aug - 5 | Account receivables A/c - Beartooth Co. | $ 66,000 | ↑ | |||
| sales a/c | $ 66,000 | ↑ | ||||
| Cost of Goods Sold A/c | $ 40,000 | ↑ | ||||
| Inventory A/c | $ 40,000 | ↓ | ||||
| Aug -9 | Delivery Expenses A/c | $ 2,300 | ↓ | |||
| Cash A/c | $ 2,300 | ↓ | ||||
| Aug -15 | Account receivables A/c - Beartooth Co. | $ 60,375 | ↑ | |||
| Delivery Expenses A/c | $ 1,675 | ↓ | ||||
| sales a/c | $ 58,700 | ↑ | ||||
| Cost of Goods Sold A/c | $ 35,000 | ↑ | ||||
| Inventory A/c | $ 35,000 | ↓ | ||||
| Delivery Expenses A/c | $ 1,675 | ↓ | ||||
| Cash A/c | $ 1,675 | ↓ | ||||
| Aug -16 | Cash A/c | $ 47,040 | ↑ | |||
| Discount Allowed A/c | $ 960 | ↑ | ||||
| Account receivables A/c - Beartooth Co. | $ 48,000 | ↓ | ||||
| Aug-20 | Inventory A/c | $ 600 | ↑ | |||
| Cost of Goods Sold A/c | $ 600 | ↓ | ||||
| Sales return and allownaces A/c | $ 1,000 | ↓ | ||||
| Cash A/c | $ 1,000 | ↓ | ||||
| Aug -31 | Cash A/c | $ 66,000 | ↑ | |||
| Account receivables A/c - Beartooth Co. | $ 66,000 | ↑ | ||||
| Aug -31 | Inventory A/c | $ 2,500 | ↑ | |||
| Cost of Goods Sold A/c | $ 2,500 | ↓ | ||||
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The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 2 5 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. Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was...
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 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...
instucions The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug 1 2 5 Summit Company sold merchandise on account to Beartooth Co., 348,000, terrs FOB destination. 2/15, n/eom. The cost of the goods sold was $28,800. Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1 Summit Company sold merchandise on account to Beartooth Co., 566,000, terms FOB shipping point n/eom. The cost of the goods sold...
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Instructions The following selected transactions were completed during August between Summit Company and Beartooth Co.: 1 Summit Company sold merchandise on account to Beartooth Co., $52,150, terms Aug. FOB destination, 2/15, nleom. The cost of the goods sald was $25,940. 2 Summit Company paid freight of $1,235 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $60,090, terms FOB shipping.point, n/eom. The cost of the goods sold was...