of 2110, Sun Problem 13-01 Described below are certain transactions of Cullumber Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Martin Company for $65,200 subject to cash discount terms of 2/10, 1/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts The invoice was paid on February 26. 2. On April 1, the corporation bought a truck for $48,000 from General Motors Company, paying $3,000 in cash and signing a one-year, 12% note for the balance of the purchase price. 3. On May 1, the corporation borrowed $88,000 from Chicago National Bank by signing a $96,400 zero-interest-bearing note due one year from May 1. On August 1, the board of directors declared a $322,300 cash dividend that was payable on September 10 to stockholders of record on August 31. on February 26 General Motors Company, paying Your answer is partially correct. Try again, Make all the journal entries necessary to record the transactions above using appropriate dates. 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 Iebruary 2 Purchases T Accounts Payable 63,896 TAccounts Payable 63.896 TPurchase Discounts Lost PPPUU I Cash 65,200 Trucks T Notes Payable 45.000 CH 3.000 IT Casti Discount on Notes Payable 8,400 Notes Payable 96 400 Retained Earnings Dividends Payabile V W poluany currect. try again. Cullumber Corporation's year-end is December 31. Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting Journal entries concerning interest that are necessary to present fair financial statements at December 31. Assume straight-line amortization of discounts. (If no entry is required, select "No Entry" for the account titles and enter o 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.) No. Account Titles and Explanation Debit Credit Inventory 63,896 Purchases 63,896 Interest Expense Interest Payable 4,050 Interest Expense 5,600 T Discount on Notes Paya 5,600 4. "TRetained Earnings 322,300 T Cash 322,300