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. > >

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. > >

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Description: 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, FOBdestination. Cullumber paid $ 430 for freight charges. The cost of the merch

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

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

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