Prepare the necessary journal entries to record the following transactions, assuming Oldman Company uses a periodic inventory system.

On Nov $1,$ Oldman sells $$54,000$ of merchandise to Youngman, terms $1/10,$ n$/30.$ The merchandise cost is $$30,000.$

On Nov $5,$ Youngman returned $$5,000$ of merchandise to Oldman. The merchandise returned costs $$3,500.$

On Nov $9,$ Oldman received the balance due from Youngman.