On November 4, 2018, Cave Company sold merchandise inventory on account to Term Wholesalers, $13,500, that cost $5,300. Terms 5/10, n/30. On November 5, 2018, Term Wholesalers paid shipping of $45. Term Wholesalers paid the balance to Cave 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 Debit Credit Date Accounts Cost of Goods Sold 5,300 Nov. 4 Merchandise Inventory 5,300 To record cost of goods sold. Nov. 13: Term Wholesalers paid the balance to Cave Company. Debit Date Accounts Credit Cash Nov. 13