In: Accounting
Tom Wholeseller uses the perpetual inventory system to record its | ||||||
inventories. | ||||||
June 5th. Sold, on account, merchandises valued at $45,000 to Joe | ||||||
Customer. The merchandises had originally cost Tom Wholeseller | ||||||
$15,000. Credit terms were 2/10, n/30. | ||||||
June 11th. Joe Customer returned merchandises valued at $8,000. | ||||||
Tom Wholeseller had originally purchased those merchandises for | ||||||
3,500. | ||||||
June 14th. Joe Customer settled the account. | ||||||
Prepare the 3 journal entries in the Diagonal Box | ||||||
for Tom Wholeseller. |