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Current Attempt in Progress On June 10, Cullumber Company purchased $8,400 of merchandise from Oriole Company, terms 3/10, n/30. Cullumber Company pays the freight costs
Current Attempt in Progress On June 10, Cullumber Company purchased $8,400 of merchandise from Oriole Company, terms 3/10, n/30. Cullumber Company pays the freight costs of $380 on June 11. Goods totaling $500 are returned to Oriole Company for credit on June 12. On June 19, Cullumber Company pays Oriole Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Cullumber Company. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit List of Accounts Prepare separate entries for each transaction for Oriole Company. The merchandise purchased by Cullumber Company on June 10 cost Oriole Company $2,150, and the goods returned cost Oriole Company $290. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of goods sold) (To record credit sale) (To record cost of goods returned) June 19 List of Accounts
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