(b) Culver Supply Company sold merchandise to Ace Company on account for $84,000 with credit terms of ?/10, n/30. The cost of the merchandise sold was $63,000. During the discount period, Ace Company returned $4,000 of merchandise and paid its account in full (minus the discount) by remitting $77,600 in cash. Both companies use a perpetual inventory system. Prepare the journal entries that Culver Supply 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. List all debit entries before credit entries.) No. Account Titles and Explanation (1) Debit Credit To record credit sale (To record credit sale) (2) (To record cost of good sold) (To record credit granted for returned goods) (3) (To record cost of good returned)