Transactions for buyer and seller shore co. sold merchandise to blue star co. on account, $110,500, terms fob shipping point, 2/10, n/30. the cost of the goods sold is $66,300. shore paid freight of $1,900. journalize shore co.'s entry for the sale, purchase, and payment of amount due.

account receivable debit 110,500

sales revenue credit 110,500

freight-out debit 1,900

cash credit 1,900

COGS debit 66,300

inventory credit 66,300

Explanation:

the sales will be recorded as nominal, because there is no information about the customer taking the discount or paying within this period.

Because term are FOB shipping point, the freight corespond to shore Co

x=3

step-by-step explanation:

this is really simple i saw that there was only one term (5x) and thought if that was 15 what would i have to multiply everything else to get it there? well if 5x became 15 then x would have to be 3 so plug the 3 in the x for the other equations and you get 15 for the other ones. so there you go. : )

was my answer wrong?