Shore Co. sold merchandise to Blue Star Co. on account, $111,700, terms FOB ship

Question

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 $2,000. ournalize Shore Co.'s entry for the sale, purchase, and payment of amount due. Accounts Receivable-Blue Star Co. 100,466 Sales 109,466 Cost of Goods Sold 67,020 67,020 Accounts Receivable-Blue Star Co. V Cash 2,000 V Cash 109,466 x ccounts Recelvable-Dlue Star Co. 109466 X ournalize Blue Star Co.'s entry for the sale, purchase, and payment of amount due Inventory Y 109,466 X Co. 109,466 X Accounts Payable-Shore Co. | 109,4“ x Cash 109,466X

Explanation / Answer

Date Accounting titles & Explanations Debit Credit Cash (109,466+2000) 111466 Account receivable-blue star co 111,466 Blue star co inventory 111,466 Accounts payable 111,466 Accounts payable 111,466 cash 111,466

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