Practice Exercise 01 a-b On June 10, Cullumber Company purchased $6,300 of merchandise on account from Whispering Winds Company, FOB shipping point, terms 1/10, n/30. Cullumber Company pays the freight costs of $410 on June 11. Damaged goods totaling $300 are returned to Whispering Winds for credit on June 12. The fair value of these goods is $70. On June 19, Cullumber Company pays Whispering Winds 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
June 10June 11June 12June 19
June 10June 11June 12June 19
June 10June 11June 12June 19
June 10June 11June 12June 19

Prepare separate entries for each transaction for Whispering Winds Company. The merchandise purchased by Cullumber Company on June 10 had cost Whispering Winds $4,500. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
June 10June 11June 12June 19
	(To record credit sale)
June 10June 11June 12June 19
	(To record cost of merchandise sold)
June 10June 11June 12June 19
	(To record merchandise returned)
June 10June 11June 12June 19
	(To record cost of merchandise returned)
June 10June 11June 12June 19