Transactions for buyer and seller Shore Co. sold merchandise to Blue Star Co. on account,...
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Accounting
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
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Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.Common StockInventorySales
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Accounts PayableCommon StockCost of Goods SoldInventorySales Returns and Allowances
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Accounts PayableCommon StockCost of Goods SoldInventorySales Returns and Allowances
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Credit Memo
Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.CashSales Returns and AllowancesTransportation Out
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Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.CashSales Returns and AllowancesTransportation Out
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Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.Customer Refunds PayableSales Returns and AllowancesTransportation Out
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Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.Customer Refunds PayableSales Returns and AllowancesTransportation Out
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Payment
Accounts ReceivableCashEstimated Returns InventoryInventoryPurchases Returns and Allowances
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Accounts ReceivableCashEstimated Returns InventoryInventoryPurchases Returns and Allowances
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Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.CashSales Returns and AllowancesTransportation Out
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Accounts Payable-Blue Star Co.Accounts Receivable-Blue Star Co.CashSales Returns and AllowancesTransportation Out
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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
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Accounts Payable-Shore Co.Accounts Receivable-Shore Co.Cost of Merchandise SoldInventorySales
