Question: On November 15 TCS Company sold merchandise for 2 600 on
On November 15, TCS Company sold merchandise for $2,600 on terms of n/30 to Quaker Company. On November 20, Quaker returned some of the merchandise for a credit of $600, and on November 25, Quaker paid the balance owed. Use T accounts to record the sale, return, and receipt of cash under the perpetual inventory system for TCS. The cost of the merchandise sold on November 15 was $1,500, and the cost of the merchandise returned to inventory on November 20 was $350.
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