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Cullumber Company made sales of $39,200 with terms 1/10, n/30. Within the discount period, it received a cash payment on $33,500 of the sales from
Cullumber Company made sales of $39,200 with terms 1/10, n/30. Within the discount period, it received a cash payment on $33,500 of the sales from customers. After the discount period, it received $5,700 in payments from customers. Assume Cullumber uses the net method of recording sales. Prepare the journal entries for the transactions. (Credit account titles are automatically 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 To record cash received within the discount period) (To record discounts not taken.) (To record cash received after the discount period)
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