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Shore Co. sold merchandise to Blue Star Co. on account, $110,700, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,420.

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Shore Co. sold merchandise to Blue Star Co. on account, $110,700, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,420. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. II II II II

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