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. > >

Name: Presented below are transactions related to Cullumber Company.On Dece
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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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Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
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