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 dus. (Assume both companies use a perpetual inventory system and that sales are recorded at the net amount.) Read the requirements Date Accounts Debit Credit Oct 10 Merchandise Inventory 59.500 Accounts PayablePiranha.com 59,500 Oct. 13: Several books were slightly damaged in shipment, so Piranha.com granted a sales allowance of $1,000 to The Textbook Store. Record the transaction on the books of The Textbook Store. Date Accounts Credit Debit 1,000 Oct 13 Accounts Payable-Piranha.com Merchandise Inventory 1,000 Oct. 25: The Textbook Store paid the balance due. Record the transaction on the books of The Textbook Store Date Debit Credit Oct 25 Accounts Accounts Payable Piranha.com Cash