The following selected transactions were completed during Augustbetween Summit Company and Beartooth Co.:

Aug.	1	Summit Company sold merchandise on account to Beartooth Co.,$48,000, terms FOB destination, 2/15, n/eom. The cost of the goodssold was $28,800.
	2	Summit Company paid freight of $1,150 for delivery ofmerchandise sold to Beartooth Co. on August 1.
	5	Summit Company sold merchandise on account to Beartooth Co.,$66,000, terms FOB shipping point, n/eom. The cost of the goodssold was $40,000.
	9	Beartooth Co. paid freight of $2,300 on August 5 purchase fromSummit Company.
	15	Summit Company sold merchandise on account to Beartooth Co.,$58,700, terms FOB shipping point, n/45. Summit paid freight of$1,675, which was added to the invoice. The cost of the goods soldwas $35,000.
	16	Beartooth Co. paid Summit Company for purchase of August1.
	20	Summit Company paid Beartooth Co. a cash refund of $1,000 fordefective merchandise purchased on August 1. Beartooth Co. kept themerchandise.
	31	Beartooth Co. paid Summit Company on account for purchase ofAugust 5.
	31	Summit Company issued Beartooth Co. a credit memo formerchandise with an invoice amount of $4,000 that was returned fromthe August 15 sale. The cost of the merchandise returned was$2,500. (1) Journalize the August transactions for Summit Company. Referto the Chart of Accounts of the appropriate company for exactwording of account titles. All transactions on this page must be entered (except for postref(s)) before you will receive Check My Work feedback. PAGE 10 JOURNAL ACCOUNTING EQUATION Score: 159/326 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 (2) Journalize the August transactions for Beartooth Co. Referto the Chart of Accounts of the appropriate company for exactwording of account titles. All transactions on this page must be entered (except for postref(s)) before you will receive Check My Work feedback. PAGE 15 JOURNAL ACCOUNTING EQUATION Score: 6/201 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16