Answered: Shore Co. sold merchandise to Blue Star…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 16MC: Sandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would...

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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 sold 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.

There needs to be two charts done for blue star co and shore co

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