Business, 04.07.2020 18:01 levicorey846

The following selected transactions were completed during August between 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 goods sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise 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 goods sold was $40,000. 9 Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, 1/10, n/30. Summit Company paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000. 16 Beartooth Co. paid Summit Company for purchase of August 1. 25 Beartooth Co. paid Summit Company on account for purchase of August 15. 31 Beartooth Co. paid Summit Company on account for purchase of August 5. Required:Journalize the August transactions for: 1. Summit Company 2. Beartooth Co.

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Answer from: pstrezze1840

Journalize the August transactions for: 1. Summit Company

Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,800.

Dr Accounts receivable 48,000

Cr Sales revenue 48,000

Dr Cost of goods sold 28,800

Cr Merchandise inventory 28,800

2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1.

Dr Cost of goods sold 1,150

Cr Cash 1,150

5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000.

Dr Accounts receivable 66,000

Cr Sales revenue 66,000

Dr Cost of goods sold 40,000

Cr Merchandise inventory 40,000

15 Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, 1/10, n/30. Summit Company paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000.

Dr Accounts receivable 60,375

Cr Sales revenue 60,375

Dr Cost of goods sold 35,000

Cr Merchandise inventory 35,000

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

Dr Cash 47,040

Dr Sales discounts 960

Cr Accounts receivable 48,000

25 Beartooth Co. paid Summit Company on account for purchase of August 15.

Dr Cash 59,788

Dr Sales discounts 587

Cr Accounts receivable 60,375

31 Beartooth Co. paid Summit Company on account for purchase of August 5.

Dr Cash 66,000

Cr Accounts receivable 66,000

Journalize the August transactions for: 2. 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 goods sold was $28,800.

Dr Merchandise inventory 48,000

Cr Accounts payable 48,000

5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000.

Dr Merchandise inventory 66,000

Cr Accounts payable 66,000

9 Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company.

Dr Merchandise inventory 2,300

Cr Cash 2.300

Dr Merchandise inventory 60,375

Cr Accounts payable 60,375

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

Dr Accounts payable 48,000

Cr Cash 47,040

Cr Purchase discounts 960

25 Beartooth Co. paid Summit Company on account for purchase of August 15.

Dr Accounts payable 60,375

Cr Cash 59,788

Cr Purchase discounts 587

31 Beartooth Co. paid Summit Company on account for purchase of August 5.

Dr Accounts payable 66,000

Cr Cash 66,000

Answer from: Quest

There are three key entities in thefederal reserve system: the board of governors, the federal reserve banks(reserve banks), and the federal open market committee (fomc). while the federal reserve has frequent communication with executive branch and congressional officials, its decisions are made independently.

Answer from: Quest

Via: "if you are found to be supplying or dealing drugs, the punishment is likely to be tough. supplying drugs doesn’t just apply to dealers. if police suspect that you intend to share drugs with your friends, this is still considered to be supplying.

being suspected of supplying drugs means you are much more likely to be charged. the amount of drugs found on you, and whether you have a criminal record, will be taken into account when a punishment is being decided.

decisions to prosecute are taken by the public prosecution service. the maximum sentences for intent to supply drugs are:

- up to life in prison or an unlimited fine (or both) for a class a drug- up to 14 years in prison or an unlimited fine (or both) for a class b or class c drug."sorry if this was a school question, you didnt supply options so i assumed it was a personal question, which if it is, reconsider selling or having possesion of any drugs at all. i wish you the best!

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