Question: Problem 1 Loree Co. sold merchandise to Green Comet Co. on account, $100,000, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold

Problem 1 Loree Co. sold merchandise to Green Comet Co. on account, $100,000, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $80,000. Loree Co. paid freight of $1,200. Instructions: a. Journalize the entries for Loree Co. (seller) and Green Comet Co. (buyer) for the sale, purchase and payment of amount due. Assume all discounts are taken. b. Show your work below

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