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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.
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 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.) Date Account Titles and Explanation Debit Credit June 10 - Inventory 8400 Accounts Payable 8400 June 114 Inventory 380 Cash 380 June 12 Accounts Payable 500 Inventory 500 June 19 Accounts Payable 7900 Cash 7663 Inventory 237 e Textbook and Media List of Accounts Prepare separate entries for each transaction for Oriole Company. The merchandise purchased by Oriole Company on June 10 cost McGiver $2,150, and the goods returned cost Oriole Company $290. (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.) Date Account Titles and Explanation Debit Credit June 10 Accounts Receivable Sales Revenue (To record credit sale) Cost of Goods Sold Inventory (To record cost of goods sold) June 10 Sales Returns and Allowances Accounts Receivable June 12 Inventory (To record credit sale) (To record cost of goods returned) June 19 Cash Sales Discounts Accounts Receivable e Textbook and Media List of Accounts
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