55:20 HdeTimer Prepare journal entries to record the following sales transactions in Cullumber Company's books. Cullumber uses a perpetual inventory system and the contract-based approach to revenue recognition Management estimates that 10% of sales will be returned by customers within the 10-day return period. Feb. 2 Cullumber sold $13,000 of merchandise to Kotter Company, terms /30. FOB shipping point. The cost of the merchandise sold was $5.200 4 The correct company paid freight costs of $240. 6 Kotter Company returned $1.300 of the merchandise purchased on February 2 because it was not needed. The cost of the merchandise returned was $520, and it was restored to inventory Mar. 1 Cullumber received the balance due from Kotter. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is more select "No Entry for the account intendenter for the amounts Record order presented in the problem.) e rs in the Date Account Titles and Explanation Debit Credit Feb 2 . Accounts Receivable (To record sales on account.) Feb. 2 Cost of Good Sold Merchandise Inventory U PLUS G Google (To record sales on account.) Feb. 2 Cost of Goods Sold Merchandise Inventory (To record cost of goods sold.) Freight Out Cash (To record credit for goods returned.) (To record cost of goods returned.) (Collection on account.)