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On November 4, Carter Company sold merchandise inventory on account to Tall Wholesalers, $15,000, that cost $5,400. Terms 3/10, n/30. On November 5, Tall
On November 4, Carter Company sold merchandise inventory on account to Tall Wholesalers, $15,000, that cost $5,400. Terms 3/10, n/30. On November 5, Tall Wholesalers paid shipping of $65. Tall Wholesalers paid the balance to Carter Company on November 13. (Assume both companies use a perpetual inventory system and that sales are recorded at the net amount.) Read the requirements Requirement 1. Journalize Tall Wholesaler's November transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Nov. 4: Purchased merchandise inventory on account from Carter Company for $15,000, terms 3/10, n/30 Date Nov. 4 Nov. 6: Paid shipping of $66. Date Nov 5 Accounts Debit Credit Accounts Debit Credit Nov. 13: Paid the balance to Carter Company Date Accounts Debit Credit
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