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On October 5 , Cullumber Company sells merchandise to Bramble Company for $5,200, terms 2/10,n/30. The cost of the merchandise sold is $3,360. On October
On October 5 , Cullumber Company sells merchandise to Bramble Company for $5,200, terms 2/10,n/30. The cost of the merchandise sold is $3,360. On October 7 , Bramble Company returns defective goods with a selling price of $650 and a fair value of $105. On October 11, Cullumber Company receives the balance due from Bramble Company. Record the October 7 and October 11 transactions on the books of Cullumber Company using the perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
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