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Le Prepare the journal entries to record the following transactions on Cullumber Company's books using a perpetual invento (If no entry is required, select No
Le Prepare the journal entries to record the following transactions on Cullumber Company's books using a perpetual invento (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.) (a) (b) On March 2, Marin Company sold $ 914,000 of merchandise to Cullumber Company on account, terms 3/10, 1/30. The cost of the merchandise sold was $ 592,400. On March 6, Cullumber Company returned $ 104,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $ 64,400. On March 12 Marin Company received the balance due from Cullumber Company No. Date Account Titles and Explanation Debit Credit () March 2 Accounts Receivable 914,000 914 Sales Revenue (b) March & Inventory 64,400 March 12 Cash 785,118 Sales Discounts 24282 Accounts Recevable 809.400
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