Transactions for buyer and seller

Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, n/30. The cost of the goods sold is $67,200. Shore paid freight of $1,800. Shore Co. issued a credit memo for $7,500 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $4,000.

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

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

Transactions for buyer and seller Shore Co, sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, n/30. The cost of the goods sold is $67,200. Shore paid freight of $1,800. Shore Co. issued a credit memo for $7,500 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $4,000. Journalize Shore Co.'s entry for the sale, credit memo, and payment of amount due. If an amount box does not require an entry, leave it blank. Journalize Blue Star Co.'s entry for the purchase, credit memo, and payment of amount due. If an amount box does not require an entry, leave it blank. Purchase Credit Memo Payment