Transactions for Buyer and Seller

Shore Co. sold merchandise to Blue Star Co. on account, $110,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,000. Shore paid freight of $1,900.

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.

	Accounts Receivable-Blue Star Co.
	Sales
	Cost of Goods Sold
	Inventory
	Accounts Receivable-Blue Star Co.
	Cash
	Cash
	Accounts Receivable-Blue Star Co.

Journalize Blue Star Co.'s entry for the sale, purchase, and payment of amount due. If an amount box does not require an entry, leave it blank.

	Inventory
	Accounts Payable-Shore Co.
	Accounts Payable-Shore Co.
	Cash