Brief Exercise 5-5 Prepare the journal entries to record the following purchase transactions in Culver Inc.'s books. Culver uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Jan. 2 Culver purchased goods for $48,500 from Fundy Corp., terms 2/10, n/45, FOB destination. 5 The appropriate company paid freight costs of $800. 6 Culver returned $5,500 of the goods purchased on January 2, because they were not needed. 11 Culver paid the balance owed to Fundy. Date Account Titles and Explanation Debit Credit Jan. 2 5 6 11