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Cullumber Company buys merchandise on account from Bramble Company. The selling price of the goods is $890, and the cost of the goods is $580.
Cullumber Company buys merchandise on account from Bramble Company. The selling price of the goods is $890, and the cost of the goods is $580. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (List all debit entries before credit entries. Credit account titles are automatica indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Cullumber Company (To record credit purchase of inventory) Bramble Company (To record credit sale) (To record cost of merchandise sold)
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