On November 4, 2018, Carl Company sold merchandise inventory on account to Time Wholesalers, $16,000, that cost $5,800. Terms 3/10, n/30. On November 5, 2018, Time Wholesalers paid shipping of $45. Time Wholesalers paid the balance to Carl Company on November 13, 2018. (Assume both companies use a perpetual inventory system and that sales are recorded at the net amount.) Read the requirements. Requirement 1. Journalize Time Wholesaler's November transactions. (Record debits first, then credits. Select the explanation on the last line of the jounal entry table. Check your spelling carefully and do not abbreviate.) Nov. 4: Purchased merchandise inventory on account from Carl Company for $16,000, terms 3/10, n/30 Date Accounts Debit Credit Nov. 4