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Cullumber Company sells goods to Oriole Inc. by accepting a note recelvable on January 2, 2025. The goods have a sales price of $569,900 (cost

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Cullumber Company sells goods to Oriole Inc. by accepting a note recelvable on January 2, 2025. The goods have a sales price of $569,900 (cost of $500,000 ). The terms are net 30 . If Oriole pays within 5 days, however, it receives a cash discount of $9,900. Past history indicates that the cash discount will be taken. On January 28, 2025, Oriole makes payment to Cullumber for the full sales price (a) Prepare the journal entries to record the sale and related cost of goods sold for Cullumber Company on January 2, 2025, and the payment on January 28, 2025. Assume that Cullumber Company records the January 2, 2025, transaction using the net method. fCredit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the occount titles and enter O for the amounts. List all debit entries before credit entries. Record joumal entries in the order presented in the problem.) Prepare the journal entries to record the sale and related cost of goods sold for Cullumber Company on January 2, 2025, and the payment on January 28, 2025. Assume that Cullumber Company records the January 2, 2025, transaction using the gross method. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Record joumal entries in the order presented in the problem.)

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