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On October 5, Marin Company buys merchandise on account from Cullumber Company. The selling price of the goods is $6,650, and the cost to Cullumber
On October 5, Marin Company buys merchandise on account from Cullumber Company. The selling price of the goods is $6,650, and the cost to Cullumber Company is $3,010. On October 8, Marin returns defective goods with a selling price of $840 and a scrap value of $430. Record the transactions of Marin Company, assuming a perpetual approach. (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 Oct. 5 Oct. 8 < Debit 6650 840 Credit 6650 840
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