Question
Cullumber Company buys merchandise on account from Marin Company. The selling price of the goods is $1,455 and the cost of the goods sold is
Cullumber Company buys merchandise on account from Marin Company. The selling price of the goods is $1,455 and the cost of the goods sold is $775. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
Cullumber | ||
Enter an account title | Enter a debit amount | Enter a credit amount |
Enter an account title | Enter a debit amount | Enter a credit amount |
Marin | ||
Enter an account title to record sale of merchandise | Enter a debit amount | Enter a credit amount |
Enter an account title to record sale of merchandise | Enter a debit amount | Enter a credit amount |
(To record sale of merchandise) | ||
Enter an account title | Enter a debit amount | Enter a credit amount |
Enter an account title | Enter a debit amount | Enter a credit amount |
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