The following selected transactions were completed during August between Summit Co. and Beartooth Co.: Aug. 1 Summit Co. sold merchandise on account to Beartooth Co., $52,150, terms FOB 2 destination, 2/15, n/eom. The cost of the merchandise sold was $25,940. Summit Co. paid freight of $1,235 for delivery of merchandise sold to Beartooth Co. on August 1. 5 9 Summit Co. sold merchandise on account to Beartooth Co., $60,090, terms FOB shipping point, n/eom. The cost of the merchandise sold was $36,900. Beartooth Co. paid freight of $2,140 on August 5 purchase from Summit Company. Summit Co. sold merchandise on account to Beartooth Co., $62,600, terms FOB shipping point, 1/10, n/30. Summit Company paid freight of $1,515, which was added to the invoice. The cost of the merchandise sold was $32,600. 15 15 Summit Co. sold merchandise on account to Beartooth Co., $62,600, terms FOB shipping point, 1/10, n/30. Summit Company paid freight of $1,515, which was added to the invoice. The cost of the merchandise sold was $32,600. 16 20 25 Beartooth Co. paid Summit Company for purchase of August 1. Summit Company paid Beartooth Co. a refund of $1,800 for defective merchandise in the August 1 purchase. Beartooth Co. agreed to keep the merchandise. Beartooth Co. paid Summit Company on account for purchase of August 15. Summit Company granted a customer allowance (credit memo) to Beartooth Co. for $6,000 (invoiced amount) for merchandise that was returned from the August 1 purchase. The cost of the merchandise returned was $3,200. 31 Required: A.......... - - - - - -L...I ul. ........ DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Aug. 1' Accounts Receivable-Beartooth Co. 52,150.00 V 2 Sales 52,150.00 3 Aug. 1 Cost of Merchandise Sold 25,940.00 4 Merchandise Inventory 25,940.00 5 Aug. 2 Delivery Expense 1,235.00 6 Cash 1,235.00 7 Aug. 5 Accounts Receivable-Beartooth Co. 60,090.00 1 8 Sales 60,090.00 9 Aug. 5 Cost of Merchandise Sold 36,900.00 10 Merchandise Inventory 36,900.00 11 Aug. 15 Accounts Receivable-Beartooth Co. 64,115.00 12 Sales 64,115.00 1 13 Aug. 15 Cost of Merchandise Sold 32,600.00 14 Merchandise Inventory 32,600.00 15 Aug. 15 Cash 1,515.00 16 Salaries Payable 1,515.00 17 Salaries Payable 551,107.00 17 Salaries Payable 551,107.00 1 18 Accounts Receivable-Beartooth Co. 1,043.00 19 Aug. 25 Cash 52,150.00 20 Accounts Receivable-Beartooth Co. 1,800.00 21 Accounts Receivable-Beartooth Co. 1,800.00 22 Aug. 31 Sales 63,474.00 23 Accounts Receivable-Beartooth Co. 641.00 24 Cash 64,115.00 1 25 Aug. 25 Cash 6,000.00 26 Accounts Receivable-Beartooth Co. 6,000.00 1 Journal-Beartooth Co. DATE DESCRIPTION POST. REF. Shaded cells have feedback. DEBIT CREDIT 52,150.00 Aug. 1 Merchandise Inventory Accounts Payable-Summit Co. 52,150.00 Aug. 5 Merchandise Inventory 60,090.00 Accounts Payable-Summit Co. 60,090.00 Aug. 9' Merchandise Inventory 2,140.00 Cash 2,140.00 Aug. 15 Merchandise Inventory 64,115.00 Accounts Payable-Summit Co. 64,115.00 Aug. 16 Accounts Payable-Summit Co. 52,150.00 Cash 52,150.00 Aug. 20 Cash 1,800.00 Merchandise Inventory 1,800.00 Aug. 25 Accounts Payable-Summit Co. 64,115.00 Cash 64,115.00 Aug. 31 Accounts Payable-Summit Co. 6,000.00 Merchandise Inventory 52,150.00