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Cullumber Company buys merchandise on account from Marin Company. The selling price of the goods is $1,415 and the cost of the goods sold is $790. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)

Cullumber Company buys merchandise on account from Marin Company. The selling price of the goods is $1,415 and the cost of the goods sold is $790. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cullumber Company buys merchandise on account from Marin Company. The selling price of the goods is $1,415 and the cost of the goods sold is $790. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Cullumber Company Marin Company Debit Credit
Transcribed Image Text:Cullumber Company buys merchandise on account from Marin Company. The selling price of the goods is $1,415 and the cost of the goods sold is $790. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Cullumber Company Marin Company Debit Credit
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