The following selected transactions were completed during August between Summit Company and Beartooth Co$.$:

Aug$\mathrm{.}1$ Summit Company sold merchandise on account to Beartooth Co$.,$ $$48,300,$ terms FOB destination, n$/15.$ The cost of the goods sold$$was $$29,960.$

$2$ Summit Company paid freight of $$1,230$ for delivery of merchandise sold to Beartooth Co$.$ on August $1.$

$5$ Summit Company sold merchandise on account to Beartooth Co$.,$ $$70,210,$ terms FOB shipping point, n$/$eom$.$ The cost of the goods sold was $$38,490.$

$9$ Beartooth Co$.$ paid freight of $$2,450$ on August $5$ purchase from Summit Company.

$15$ Summit Company sold merchandise on account to Beartooth Co$.,$ $$55,200,$ terms FOB shipping point, n$/45.$ Summit paid freight of $$1,795,$ which was added to the invoice. The cost of the goods sold was $$33,780.$

$16$ Beartooth Co$.$ paid Summit Company for purchase of August $1.$

$20$ Summit Company paid Beartooth Co$.$ a cash refund of $$1,000$ for defective merchandise purchased on August $1.$ Beartooth Co$.$ 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 $$3,700$ that was returned from the August $15$ sale. The cost of the merchandise returned was $$2,200.$

Required:

Journalize the August transactions for $(1)$ Summit Company and $(2)$ Beartooth Co$.$

CHART OF ACCOUNTSSummit CompanyGeneral Ledger

ASSETS$110$Cash$121$Accounts Receivable$-$Beartooth Co$\mathrm{.}125$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

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 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

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