Exercise 227 June 4 Cullumber Company purchased $8,700 worth of merchandise, terms n/30 from Hayes Company. The cost of the merchandise was $5,300. 12 Cullumber returned $570 worth of goods to Hayes for full credit. The goods had a cost of $320 to Hayes. 12 Cullumber paid the account in full. Assume use of the perpetual inventory system for both companies. Prepare the journal entries to record these transactions in Cullumber's books. (Credit account titles are automatically indented when the amount is entered. Date Account Titles and Explanation Debit Credit (To record return of goods) (To record payment) Prepare the journal entries to record these transactions in Hayes' books. (Credit account titles are automat Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of goods sold) (To record credit granted for returned goods) (To record cost of goods returned) (To record cash received on account)