Question

Shore Co. sold merchandise to Blue Star Co. on account, $28,250, terms FOB shipping point, 2/16, 1/30. The cost of the goods sok is $10.560. Shore paid freight of $800. Journaire the entries for Shore and Blue Star for the sale purchase, and payment of amount due. Refer to the appropriate companys Chart of Accounts for exact wording of acco Journal Shore Co LLLLLLLL the appropriate Journake her for Show Ce for the sale and payment of the amoure. For grading purpos wording of accounts JOURNAL ACCOUNTING EQUATION DESCRIPTION Dec 11

Answer 1

1	Date	Description	Post Ref.	Debit	Credit	Assets	Liabilities	Equity
	Dec 31	Accounts Receivable - Blue Star Co.		$27,685		$27,685
		Sales			$27,685			$27,685
2	Date	Description	Post Ref.	Debit	Credit	Assets	Liabilities	Equity
	Dec 31	Cost of Goods Sold		$19,550				-$19,550
		Inventory			$19,550	-$19,550
3	Date	Description	Post Ref.	Debit	Credit	Assets	Liabilities	Equity
	Dec 31	Accounts Receivable - Blue Star Co.		$800		$800
		Cash			$800	-$800
4	Date	Description	Post Ref.	Debit	Credit	Assets	Liabilities	Equity
	Dec 31	Cash		$28,485		$28,485
		Accounts Receivable - Blue Star Co.			$28,485	-$28,485
1	Date	Description	Post Ref.	Debit	Credit	Assets	Liabilities	Equity
	Dec 31	Inventory		$28,485		$28,485
		Accounts Payable - Shore Co.			$28,485		$28,485
2	Date	Description	Post Ref.	Debit	Credit	Assets	Liabilities	Equity
	Dec 31	Accounts Payable - Shore Co.		$28,485			-$28,485
		Cash			$28,485	-$28,485