This information relates to Cullumber Co..1. On April 5, purchased merchandise from Oriole Company for $26,600, terms 4/10, n/30.2. On April 6, paid freight costs of $630 on merchandise purchased from Oriole Company.3. On April 7, purchased equipment on account for $33,900.4. On April 8, returned $5,100 of April 5 merchandise to Oriole Company.5. On April 15, paid the amount due to Oriole Company in full.(a)Prepare the journal entries to record the transactions listed above on Cullumber Co.’s books. Cullumber Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 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.)No.DateAccount Titles and ExplanationDebitCredit1.choose a transaction date enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount2.choose a transaction date enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount3.choose a transaction date enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount4.choose a transaction date enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount5.choose a transaction date enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount(b)Assume that Cullumber Co. paid the balance due to Oriole Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter 0 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.)DateAccount Titles and ExplanationDebitCreditchoose a transaction date enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount

Name: This information relates to Cullumber Co..1. On April 5, purchased mer
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Description: This information relates to Cullumber Co..1. On April 5, purchased merchandise from Oriole Company for $26,600, terms 4/10, n/30.2. On April 6, paid freight costs of $630 on merchandise purchased from Oriole Company.3. On April 7, purchased equipment

terms 4/10, n/30. Means the amount due is paid within 10 days, the customer will get a 4% discount.…

Answered: This information relates to Cullumber…

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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This information relates to Cullumber Co..

1.		On April 5, purchased merchandise from Oriole Company for $26,600, terms 4/10, n/30.
2.		On April 6, paid freight costs of $630 on merchandise purchased from Oriole Company.
3.		On April 7, purchased equipment on account for $33,900.
4.		On April 8, returned $5,100 of April 5 merchandise to Oriole Company.
5.		On April 15, paid the amount due to Oriole Company in full.

(a)

Prepare the journal entries to record the transactions listed above on Cullumber Co.’s books. Cullumber Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 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.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
2.	choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
3.	choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
4.	choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
5.	choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount

(b)

Assume that Cullumber Co. paid the balance due to Oriole Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter 0 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.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

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