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Cullumber Company purchased merchandise on account from Office Suppliers for $69,000, with terms of 1/10, n/30. During the discount period, Cullumber returned some merchandise and
Cullumber Company purchased merchandise on account from Office Suppliers for $69,000, with terms of 1/10, n/30. During the discount period, Cullumber returned some merchandise and paid $ 62,370 as payment in full. Cullumber uses a perpetual inventory system. Prepare the journal entries that Cullumber Company made to record the: (1) purchase of merchandise. (2) return of merchandise. (3) payment on account (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3)
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