Question #6 - Purchasing and Sales Journalizing Following are the May 2020 merchandising transactions for the Tecumseh Company. Use journal paper to record the entries to record each transaction. Tecumseh uses a perpetual inventory system. The terms of all sales to customers are 3/15 n 45 unless otherwise noted. May 1 Sold merchandise on account to the Corn Corporation, retail value of S11.250. cost value of $5,750. May 3 Purchased $18,000 of merchandise from the Tarlee Co., terms 2/10 EOM. May 4 Gave the Corn Corp. a price reduction of S750 to keep merchandise that had been damaged in delivery Purchased merchandise from the Alberta Centre, terms a 30. value of $3,750. May 7 Sold merchandise to Mr. Jim Bobb, retail value of $11,250, cost of $5,000. Mr. Bobb paid $7,000 in cash and the balance was on account. May 10 Returned $3,000 of merchandise that was found to be faulty to the Tarlee Co. May 13 Paid for the merchandise purchased from the Tariee Co. May 16 Cash sales for the first half of the month are retail value of $75,000, cost of $29,000. May 4 Dare Aceta D Question #7 - Inventory Costing Below is the sales and purchase information on the X300 widget. Dashboard Calendar To Do Notifications Inbox