Tom Wholeseller uses the perpetual inventory system to record its inventories. June 5th. Sold, on account,...

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.

Expert Solution

ekkarill92 answered 3 years ago

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