Cullumber Corporation uses the perpetual inventory system and began business on April 1. During the month Cullumber made inventory purchases of $83,200 on terms of 3/10, n/30. Cullumber returned $3,500 worth of goods during the month. Cullumber made all payments in time to take advantage of the offered cash discounts during the month. Cullumber sold inventory on account with a value of $71,200 and a markup of 30% on the cost. These were the only inventory transactions during the month. Leo uses the gross method in accounting for cash discounts. Prepare the journal entries related to: