Instructions The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies use the net method under a perpetual inventory system Aug 1 Summit Company sold merchandise on account to Beartooth Co., $52,150, terms EOB destination. 2/15, nieom. The cost of the goods sold was $25.940. 2 5 9 Summit Company paid freight of $1,235 for delivery of merchandise sold to Beartooth Co. on August 1.1 Summit Company sold merchandise on account to Beartooth Co., $60,090, terms EOB shipping point neom. The cost of the goods sold was $36,900 Beartooth Co. paid freight of $2,140 on August 5 purchase from Summit Company 15 Summit Company sold merchandise on account to Beartooth Co. $62.600, terms FOB shipping point, n45. Summit paid freight of $1,515, which was added to the invoice. The cost of the goods sold was 16 20 31 $32.600 Beartooth Co. paid Summit Company for purchase of August 1 Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co. kept the merchandise 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 $3,800 that was returned from the August 15 sale. The cost of the merchandise returned was $2.200 Journalize the August transactions for (1) Summe Company and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company for exact wording of account titles