Solve the follwing problem. CHART OF ACCOUNTSBeartooth Co.General Ledger Interes
ID: 2338518 • Letter: S
Question
Solve the follwing problem.
CHART OF ACCOUNTSBeartooth Co.General 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.
Solve the follwing problem.
CHART OF ACCOUNTSBeartooth Co.General Ledger
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 Equipment LIABILITIES 211 Accounts Payable-Summit Company 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense CHART OF ACCOUNTS Summit Company General Ledger ASSETS 110 Cash 121 Accounts Receivable-Beartooth Co. 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 Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710Interest Expense
Explanation / Answer
Summit company Aug-01 Accounts receivable -Beartooth co. 48000 Sales revenue 48000 Cost of goods sold 28800 Inventory 28800 Aug-02 Delivery expense 1150 Cash 1150 Aug-05 Accounts receivable -Beartooth co. 66000 Sales revenue 66000 Cost of goods sold 40000 Inventory 40000 Aug-15 Accounts receivable -Beartooth co. 58700 Sales revenue 58700 Cost of goods sold 35000 Inventory 35000 Accounts receivable -Beartooth co. 1675 Cash 1675 Aug-16 Cash 47040 Sales discount (48000*.02) 960 Accounts receivable - beartooth co. 48000 Aug-25 Cash 59788 Sales discount (58700*.01) 587 Accounts receivable - beartooth co. 60375 Aug-31 Cash 66000 Accounts receivable - beartooth co. 66000 Beartooth co. Aug-01 Inventory 48000 Accounts payable Summit co. 48000 Aug-05 Inventory 66000 Accounts payable Summit co. 66000 Aug-09 Inventory 2300 Cash 2300 Aug-15 Inventory 60375 Accounts payable Summit co. 60375 Aug-16 Accounts payable summit 48000 Inventory 960 Cash 47040 Aug-25 Accounts payable summit 60375 Inventory 587 Cash 59788 Aug-31 Accounts payable summit 66000 Cash 66000
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