HOMEWORK QUESTION 2 PARTS A AND B

On June 10, Cullumber Company purchased $ 9,500 of merchandise on account from Riverbed Company, FOB shipping point, terms 2/10, n/30. Cullumber pays the freight costs of $ 560 on June 11. Damaged goods totaling $ 500 are returned to Riverbed for credit on June 12. The fair value of these goods is $ 70. On June 19, Cullumber pays Riverbed Company in full, less the purchase discount. Both companies use a perpetual inventory system.

(a)

Prepare separate entries for each transaction on the books of Cullumber Company. (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
choose a transaction date June 10June 11June 12June 19	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date June 10June 11June 12June 19	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date June 10June 11June 12June 19	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date June 10June 11June 12June 19	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

(b)

Prepare separate entries for each transaction for Riverbed Company. The merchandise purchased by Cullumber on June 10 had cost Riverbed $ 4,600. (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
choose a transaction date June 10June 11June 12June 19	enter an account title to record credit sale	enter a debit amount	enter a credit amount
	enter an account title to record credit sale	enter a debit amount	enter a credit amount
	(To record credit sale)
choose a transaction date June 10June 11June 12June 19	enter an account title to record cost of merchandise sold	enter a debit amount	enter a credit amount
	enter an account title to record cost of merchandise sold	enter a debit amount	enter a credit amount
	(To record cost of merchandise sold)
choose a transaction date June 10June 11June 12June 19	enter an account title to record merchandise returned	enter a debit amount	enter a credit amount
	enter an account title to record merchandise returned	enter a debit amount	enter a credit amount
	(To record merchandise returned)
choose a transaction date June 10June 11June 12June 19	enter an account title to record cost of merchandise returned	enter a debit amount	enter a credit amount
	enter an account title to record cost of merchandise returned	enter a debit amount	enter a credit amount
	(To record cost of merchandise returned)
choose a transaction date June 10June 11June 12June 19	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount