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velikii [3]
3 years ago
6

Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods so

ld is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles
Business
1 answer:
Crazy boy [7]3 years ago
8 0

Explanation:

On the books of Shore Co

Cash A/c Dr $111,560

Sales discount A/c $2,240           ($11,2000 x 2%)

              To Accounts receivable A/c $113,800           ($112,000 + $1,800)

(Being cash is received)

On the books of Blue star

Accounts payable A/c Dr $113,800    ($112,000 + $1,800)

               To Merchandise inventory A/c $2,240              ($11,2000 x 2%)

                To Cash A/c $111,560

(Being cash is paid)

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