On November 4, 2018, Carl Company sold merchandise inventory on account to Tram Wholesalers, $14,500, that cost $5,000. Terms 2/10, n/30 on November 5, 2018 Tram Wholesalers paid shipping of $55. Tram Wholesalers paid the balance to Cart 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 Tram Wholesaler's November transactions (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate) Nov. 4. Purchased merchandise inventory on account from Can Company for $14.500, terms 2/10, 0/30 Date Accounts Debit Credit Nov 4 Nov. 5. Paid shipping of $55 Accounts Debit Credit Date Nov 5 Nov. 13. Paid the balance to Cart Company Date Accounts Debit Credit Nov. 13 Requirement 2. Journalize Cart Company's November transactions. (Record debits first, then credits Select the explanation on the last line of the journal entry table. Assume sales are recorded at the net amount Check your spelling carefully and do not abbreviate) Nov 4 Sold merchandise inventory on account to Tram Wholesalers, $14,500 that cost $5.000. Terms 2/10,n/30 Begin by preparing the entry to Journalize the sale portion of the transaction Do not record the expense related to the sale we will do that in the following step Date Accounts Debit Credit Nov. 4 Now joumalize the expense related to the November 4 sale--Cost of goods, $5,000. Date Accounts Nov. 4 Debit Credit Nov 13. Tram Wholesalers paid the balance to Carl Company Date Accounts Debit Credit Nov 13