On October 5, Cullumber Company buys merchandise on account from Marin Company. The selling price of the goods is $6,650, and the cost to Marin Company is $3,010. On October 8, Cullumber returns defective goods with a selling price of $840 and a scrap value of $430. Record the transactions on the books of Marin Company, assuming a perpetual approach. (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 Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Oct. 5 Account Titles and Explanation (To record credit sales) Debit Credit
On October 5, Cullumber Company buys merchandise on account from Marin Company. The selling price of the goods is $6,650, and the cost to Marin Company is $3,010. On October 8, Cullumber returns defective goods with a selling price of $840 and a scrap value of $430. Record the transactions on the books of Marin Company, assuming a perpetual approach. (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 Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Oct. 5 Account Titles and Explanation (To record credit sales) Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On October 5, Cullumber Company buys merchandise on account from Marin Company. The selling price of the goods is $6,650, and
the cost to Marin Company is $3,010. On October 8, Cullumber returns defective goods with a selling price of $840 and a scrap value
of $430.
Record the transactions on the books of Marin Company, assuming a perpetual approach. (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.
Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Date
Oct. 5
Account Titles and Explanation
(To record credit sales)
Debit
Credit
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