How Journalize Tram Wholesaler November transactions

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Reference no: EM132674302

On November 4, 2018, Cook Company sold merchandise inventory on account to Tram Wholesalers, $12,500, that cost $5,700. Terms 4/10, n/30. On November 5, 2018, Tram Wholesalers paid shipping of $55. Tram Wholesalers paid the balance to Cook Company on November 13, 2018. (Assume both companies use a perpetual inventory system and that sales are recorded at the net amount.)

Problem 1: Journalize Tram Wholesaler's November transactions.

Reference no: EM132674302

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