Question: Please record the entries for the inventory transactions below (Perpetual Inventory System) 1) Nov1 Business sold $7560 inventory to Tim's Inc., the cost is

Please record the entries for the inventory transactions below (Perpetual Inventory System) 1) Nov1 Business sold $7560 inventory to Tim's Inc., the cost is

Please record the entries for the inventory transactions below (Perpetual Inventory System) 1) Nov1 Business sold $7560 inventory to Tim's Inc., the cost is $3200. Terms 2/5, n/15 FOB 2) Nov1 Business purchased $5,250 of inventory from TTC's Inc. Terms 3/10, n/20 FOB 3) Nov2 Business paid delviery $450 for the inventory sales to Tim's Inc. 4) Nov3 Business purchased $3310 of inventory from LGC's Inc. paid in cash 5) Nov4, Business issued a debit memo to TTC's Inc. and returned defective $525 inventory back to TTC's Inc. G

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