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Suppose Piranha.com sels 3,500 books on account for $17 each (cost of these books is $35,700) on October 10 to The Textbook Store Several
Suppose Piranha.com sels 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 requirements 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 Od 13 Accounts Accounts Payable-Piranha.com Merchandise Inventory Debit Credit 1,000 1,000 Oct 25 The Textbook Store paid the balance due Record the transaction on the books of The Textbook Store Date Oct 25 Accounts Debit Credit Clear all Check answer
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