Transactions for buyer and seller Shore Co. sold merchandise to Blue Star Co, on account, $111,000, terms FOB shipping point, n/30. The cost of the goods sold is $66,600. Shore paid freight of $1,900. Shore Co, issued a credit memo for $7,600 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $4,100. 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. Sale Show Me How Payment Accounts Receivable-Blue Star Co Sales Cost of Goods Sold Inventory Credit Memo Accounts Receivable-Blue Star Co Cash Customer Refunds Payable Accounts Receivable-Blue Star Co. Inventory Estimated Returns Inventory Accounts Receivable-Dive Star Co Check My Work 2 more Check My Work uses remaining. 111,000 66,600 [000000 105,300 111,000 66,600 00 00 00 09 105,300 Previous Next

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is