Transactions for Buyer and Seller

Shore Co$.$ sold merchandise to Blue Star Co$.$ on account, $$112,000,$ terms FOB shipping point, $\frac{2}{10},\frac{n}{30}.$ The cost of the

goods sold is $$67,200.$ Shore paid freight of $$1,800.$

Journalize Shore Co$.\text{'}$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.

Cost of Goods Sold

Inventory

Accounts Receivable$-$Blue Star Co$.$

Journalize Blue Star Co$.\text{'}$s entry for the sale, purchase, and payment of amount due. If an amount box does not require an

entry, leave it blank.

Accounts Payable$-$Shore Co$.$

Accounts Payable$-$Shore Co$.$