1 of 11 < > View Policies Current Attempt in Progress Consider the following independent scenarios: (a) -/30 Cullumber Company purchased merchandise on account from Office Suppliers for $69,000, with terms of 1/10, n/30. During the discount period, Cullumber returned some merchandise and paid $62,370 as payment in full. Cullumber uses a perpetual inventory system. Prepare the journal entries that Cullumber Company made to record the: (1) purchase of merchandise. (2) return of merchandise. (3) payment on account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (b) No. Account Titles and Explanation (1) Purchases Accounts Payable (2) Accounts Payable Debit 69000 6000 Purchase Returns and Allowances (3) Accounts Payable Cash Purchase Discounts eTextbook and Media List of Accounts Save for Later 63000 Credit 69000 6000 62370 630 Attempts: 0 of 1 used Submit Answer Vaughn Company sold merchandise to Moore Company on account for $83,000 with credit terms of ?/10, n/30. The cost of the merchandise sold was $68,000. During the discount period, Moore Company returned $4,800 of merchandise and paid its account in full (minus the discount) by remitting $75,854 in cash. Both companies use a perpetual inventory system. Prepare the journal entries that Vaughn Company made to record the: (1) sale of merchandise. (2) return of merchandise. (3) collection on account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation (1) (2) (3) (To record credit sale) (To record cost of good sold) (To record credit granted for returned goods) (To record cost of good returned) Debit Credit !!! E