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Suppose Piranha com sells 3,500 books on account for $17 each (cost of these books is $35,700) on October 10 to The Textbook Store.
Suppose Piranha com sells 3,500 books on account for $17 each (cost of these books is $35,700) on October 10 to The Textbook Store. Several books were slightly damaged in shipment, so Piranha com granted a sales allowance of $1,000 to The Textbook Store on October 13. On October 25, The Textbook Store paid the balance due. (Assume both companies use a perpetual inventory system) Read the requirement Requirement 1. Journalize The Textbook Store's October transactions. (Record debits first, then credits Exclude explanations from journal entries) Oct 10 Piranha com sells 3,500 books on account for $17 each on October 10 to The Textbook Store Record the transaction on the books of The Textbook Store Date Accounts Debit Credit Od 10
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