May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500....

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May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. Description Accounts Receivable-Korman Co. Credit Post. Debit Ref. 68,500 X Sales 68,500 X Cost of Merchandise Sold X 41,000 Merchandise Inventory - X 41,000 May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. Description Accounts Receivable-Korman Co. Credit Post. Debit Ref. 68,500 X Sales 68,500 X Cost of Merchandise Sold X 41,000 Merchandise Inventory - X 41,000