he following selected transactions were completed during August between Summit Company and Beartooth Co : Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $47,600, terms n/15. The cost of the goods sold was $27,760. 2 Summit Company paid freight of $1,265 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $63,980, terms n/ eom. The cost of the goods sold was $43,180. 9 Beartooth Co. paid freight of $2,450 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth C0., $60,300, terms FOB shipping point, n/45. Summit paid freight of $1,725, which was added to the invoice. The cost of the goods sold was $34,360. 16 Beartooth Co. paid Summit Company for purchase of August 1. 20 Summit Company paid Beartooth C. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co0. kept the merchandise. 31 Beartooth Co. paid Summit Company on account for purchase of August 5. 31 Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of $4,000 that was returned from the August 15 sale. The cost of the merchandise returned was $2,100. Required: Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. \begin{tabular}{|c|c|} \hline 110 Cash & 410 Sales \\ \hline 121 Accounts Receivable-Beartooth Co. & 610 Interest Revenue \\ \hline \multicolumn{2}{|l|}{125 Notes Receivable } \\ \hline 130 Inventory & EXPENSES \\ \hline 131 Estimated Returns Inventory & 510 Cost of Goods Sold \\ \hline 140 Office Supplies & 521 Delivery Expense \\ \hline 141 Store Supplies & 522 Advertising Expense \\ \hline 142 Prepaid Insurance & 524 Depreciation Expense-Store Equipment \\ \hline 180 Land & 525 Depreciation Expense-Office Equipment \\ \hline 192 Store Equipment & 526 Salaries Expense \\ \hline 193 Accumulated Depreciation-Store Equipment & 531 Rent Expense \\ \hline 194 Office Equipment & 533 Insurance Expense \\ \hline \multirow[t]{2}{*}{195 Accumulated Depreciation-Office Equipment } & 534 Store Supplies Expense \\ \hline & 535 Office Supplies Expense \\ \hline LIABILITIES & 536 Credit Card Expense \\ \hline 210 Accounts Payable & 539 Miscellaneous Expense \\ \hline 216 Salaries Payable & 710 Interest Expense \\ \hline \multicolumn{2}{|l|}{218 Sales Tax Payable } \\ \hline \multicolumn{2}{|l|}{219 Customer Refunds Payable } \\ \hline \multicolumn{2}{|l|}{221 Notes Payable } \\ \hline \multicolumn{2}{|l|}{ EQUITY } \\ \hline 310 Common Stock & \\ \hline 1 Retained Earnings & \\ \hline \end{tabular} 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 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 EQUITY 310 Common Stock 311 Retained Earnings