IS Weygandt, Accounting Principles, 13e Help System Announcements CALCU Exercise 207 Prepare the necessary journal entries to record the following transactions, assuming Oldman Company uses a perpetual Inventory system. (a) Oldman sells $54,000 of merchandise, terms 1/10, n/30. The merchandise cost $30,000. (b) The customer in (a) returned $5,000 of merchandise to Oldman. The merchandise returned cost $3,500. (c) Oldman received the balance due within the discount period. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually.) Transactions Account Titles and Explanation Debit Credit (a) (To record credit sale.) (To record cost of good sold.) (b) (To record goods returned.) (To record cost of good returned.) Weygandt, Accounting Principles, 13e Help System Announcements To recorded sale. (To record cost of good sold.) (b) (To record goods returned.) (To record cost of good returned.) () Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS Question Attempts: 0