Question
On September 14, 2022, Cullumber Company sells merchandise valued at $26400 on account to Pacifica Inc. with terms 4/10, n/30. Both Cullumber and Pacifica use
On September 14, 2022, Cullumber Company sells merchandise valued at $26400 on account to Pacifica Inc. with terms 4/10, n/30. Both Cullumber and Pacifica use the periodic inventory system. Pacifica remits payment to Sampson on September 23. Cullumbers entry on that date is:
| Cash | 25344 | |
| Sales Discounts | 1056 | |
| Accounts Payable | 26400 |
| Accounts Receivable | 26400 | |
| Cash | 25744 | |
| Purchase Discounts | 656 |
| Cash | 25344 | |
| Sales Discounts | 1056 | |
| Accounts Receivable | 26400 |
| Cash | 25344 | |
| Sales Discounts | 1056 | |
| Accounts Payable | 26400 |
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Cornerstones of managerial accounting
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
5th edition
978-1305302327, 130530232X, 978-1133943983
