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only do part E please! posted the other parts in case its needed to finish part E. only need help with part e. thanks Cullumber

only do part E please!
posted the other parts in case its needed to finish part E.
only need help with part e.
thanks
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image text in transcribed
image text in transcribed
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Cullumber Publishing Ca. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed Wholesale price, terms to.b, shipping point, and payment is due 60 days after shipment. The retailer may return a maximum of 30% of an order at the retailer's expense. Sales are made only to retailers who have good credit ratings. Past experience indicates that the normal return rate is 12\%. The costs of recovery are expected to be immaterial, and the textbooks are expected to be resold at a profit. (c) On July 1, 2020, Cullumber thipped books involced at $15.000,000 (cost 312.000.000. Prepare the journal entry to recard thls transaction. (Credit eccount titles are autematically ladented when ameunt is entered. Do not indent manuariful ne entry is required, select "No entry" for the account titles and enter 0 for the amounts.) On July 1, 2020, Cullumber shipped books imviced at $15,000,000(cost$12,000,000). Prepare the journal entry to record this transaction, (Credit occount tities are outomatically indented when amount is enfered. Do not indent manuolly If no entry is required, select "No entry" for the account titles and enter o for the omounts.) On October 3,2020,$1,500,000 of the inwoiced fuly sales were returned according to the return pollicy, and the remaining $13,500,000 was pald. Prepare the journal entries for the return and payment. (Credit acrount titles are putometically indented when omount is entered, Do not indent manually. If no entry is required, select "Mo entry for the account titles and enter D for the amounts.) Assume Cutfumber prepares financial statements on October 31, 2020, the close of the fiscal year, No other returns are anticipated. Indicate the amounts reported on the income statement and balance sheet related to the above transactions. Iif answer is 0 , pleose enter 0 , Do not leave any fields blank.) answer is 0 , please enter 0 Do not leove any (felds blank)

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