Presented below are transactions related to Cullumber Company. 1. On December 3, Cullumber Company sold $ 621,900 of merchandise on account to Bramble Co, terms 2/10, n/30, FOB destination. Cullumber paid $ 430 for freight charges. The cost of the merchandise sold was $ 365,200. On December 8, Bramble Co. was granted an allowance of $ 23,200 for merchandise purchased on December 3. On December 13, Cullumber Company received the balance due from Bramble Co. 2. 3. Prepare the journal entries to record these transactions on the books of Cullumber Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date Account Titles and Explanation Debit Crei 1. (To record credit sale) (To record cost of merchandise sold) (To record freight charges) 2. 3. > >

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Presented below are transactions related to Cullumber Company.
On December 3, Cullumber Company sold $ 621,900 of merchandise on account to Bramble Co., terms 2/10, n/30, FOB
destination. Cullumber paid $ 430 for freight charges. The cost of the merchandise sold was $ 365,200.
1.
On December 8, Bramble Co. was granted an allowance of $ 23,200 for merchandise purchased on December 3.
On December 13, Cullumber Company received the balance due from Bramble Co.
2.
3.
Prepare the journal entries to record these transactions on the books of Cullumber Company using a perpetual inventory system.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Date
Account Titles and Explanation
Debit
Crei
1.
(To record credit sale)
(To record cost of merchandise sold)
(To record freight charges)
2.
>
3.
Transcribed Image Text:Presented below are transactions related to Cullumber Company. On December 3, Cullumber Company sold $ 621,900 of merchandise on account to Bramble Co., terms 2/10, n/30, FOB destination. Cullumber paid $ 430 for freight charges. The cost of the merchandise sold was $ 365,200. 1. On December 8, Bramble Co. was granted an allowance of $ 23,200 for merchandise purchased on December 3. On December 13, Cullumber Company received the balance due from Bramble Co. 2. 3. Prepare the journal entries to record these transactions on the books of Cullumber Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Crei 1. (To record credit sale) (To record cost of merchandise sold) (To record freight charges) 2. > 3.
Assume that Cullumber Company received the balance due from Bramble Co. on January 2 of the following year instead of
December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Assume that Cullumber Company received the balance due from Bramble Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
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