Transactions for buyer and seller Shore Co. sold merchandise to Blue Star Co. on account, $110,300, terms FOB shipping point, n/30. The cost of the goods sold is $66,180. Shore paid freight of $1,800. Shore Co. issued a credit memo for $8,000 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $3,900. 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 Accounts Receivable-Blue Star Co. Sales ✓ Payment Cost of Goods Sold Inventory Credit Memo Accounts Receivable-Blue Star Co. Cash ✔ ✓ ✓ Customer Refunds Payable ✓ Accounts Receivable-Blue Star Co. Cash Inventory Estimated Returns Inventory ✓ Accounts Receivable-Blue Star Co. ✓ ✓ ✓ 110.300 ✓ 00 66.180 ✔ 8,000 X 3,900 X 1.800 X 104,100 ✓ 110,300✔ 66.180 ✔ 8.000 X 3,900 X 1,800 X 104.100✔

Transactions for buyer and seller Shore Co. sold merchandise to Blue Star Co. on account, $110,300, terms FOB shipping point, n/30. The cost of the goods sold is $66,180. Shore paid freight of $1,800. Shore Co. issued a credit memo for $8,000 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $3,900. 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 Accounts Receivable-Blue Star Co. Sales ✓ Payment Cost of Goods Sold Inventory Credit Memo Accounts Receivable-Blue Star Co. Cash ✔ ✓ ✓ Customer Refunds Payable ✓ Accounts Receivable-Blue Star Co. Cash Inventory Estimated Returns Inventory ✓ Accounts Receivable-Blue Star Co. ✓ ✓ ✓ 110.300 ✓ 00 66.180 ✔ 8,000 X 3,900 X 1.800 X 104,100 ✓ 110,300✔ 66.180 ✔ 8.000 X 3,900 X 1,800 X 104.100✔

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Description: i want to know what is wrong, thank you Transactions for buyer and sellerShore Co. sold merchandise to Blue Star Co. on account, $110,300, terms FOB shipping point, n/30. The cost of the goods sold is $66,180. Shore paid freight of $1,800. Shore Co.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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