Transactions for buyer and seller

Shore Co. sold merchandise to Blue Star Co. on account, $110,900, terms FOB shipping point, n/30. The cost of the goods sold is $66,540. Shore paid freight of $1,900. Shore Co. issued a credit memo for $8,300 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $3,800.

Question Content Area

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.

Transaction	Account	Debit	Credit
Sale	Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.Common StockInventorySales	- Select -	- Select -
	Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.Common StockInventorySales	- Select -	- Select -
blank	Accounts PayableCommon StockCost of Goods SoldInventorySales Returns and Allowances	- Select -	- Select -
	Accounts PayableCommon StockCost of Goods SoldInventorySales Returns and Allowances	- Select -	- Select -
Credit Memo	Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.CashSales Returns and AllowancesTransportation Out	- Select -	- Select -
	Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.CashSales Returns and AllowancesTransportation Out	- Select -	- Select -
blank	Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.Customer Refunds PayableSales Returns and AllowancesTransportation Out	- Select -	- Select -
	Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.Customer Refunds PayableSales Returns and AllowancesTransportation Out	- Select -	- Select -
Payment	Accounts ReceivableCashEstimated Returns InventoryInventoryPurchases Returns and Allowances	- Select -	- Select -
	Accounts ReceivableCashEstimated Returns InventoryInventoryPurchases Returns and Allowances	- Select -	- Select -
blank	Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.CashSales Returns and AllowancesTransportation Out	- Select -	- Select -
	Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.CashSales Returns and AllowancesTransportation Out	- Select -	- Select -

Question Content Area

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.

Transaction	Account	Debit	Credit
Purchase	Accounts Payable-Shore Co.Accounts Receivable-Shore Co.Cost of Merchandise SoldInventorySales	- Select -	- Select -
	Accounts Payable-Shore Co.Accounts Receivable-Shore Co.Cost of Merchandise SoldInventorySales	- Select -	- Select -
Credit Memo	Accounts Payable-Shore Co.Accounts Receivable-Shore Co.CashInventorySales	- Select -	- Select -
	Accounts Payable-Shore Co.Accounts Receivable-Shore Co.CashInventorySales	- Select -	- Select -
Payment	Accounts Payable-Shore Co.Accounts Receivable-Shore Co.CashInventorySales	- Select -	- Select -
	Accounts Payable-Shore Co.Accounts Receivable-Shore Co.CashInventorySales	- Select -	- Select -