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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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