On November 4, 2018, Cool Company sold merchandise inventory on account to Term Wholesalers, $14,000, that cost $5,700. Terms 3/10, n/30. On November 5, 2018, Term Wholesalers paid shipping of $70. Term Wholesalers paid the balance to Cool 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 Term 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 Cool Company for $14,000, terms 3/10, n/30. Date Accounts Debit Credit Nov. 4 Nov. 5: Paid shipping of $70. Date Accounts Debit Credit Nov. 5