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Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $111,700, terms FOB shipping point, 2/10, n/30. The cost of
Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $111,700, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,020. Shore paid freight of $1,800. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due Accounts Receivable-Blue Star Co. 109,466V Sales 109,466 Cost of Goods Sold 67,020 v 67,020 V Accounts Receivable-Blue Star Co 1,800 Cash 1,800 Cash 111.7001 X Accounts Receivable-Blue Star Co 109,466X Feedback 7 Check My Work Note who is the buyer and who is the seller. The payment is less retuns and discounts, and discounts are not taken on returns. If applicable, determine whether the buyer or seller is to pay any freight. Learning Objective 2. Journalize Blue Star Co.'s entry for the sale, purchase, and payment of amount due. Inventory 109,466 X Accounts Payable-Shore Co. 109,466 X Accounts Payable-Shore Co. 109,466 X Cash 109,466 X
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