Prepare journal entries to record the following sales transactions in Cullumber Company's books. Cullumber uses a perpetual inventory system and the contract-based approach to revenue recognition Cullumber has a stated policy that all sales are final, no return or exchanges June 16 Cullumber sold $13.500 of merchandise to Guiying Company, terms 2/10, 1/30, FOB destination. The cost of the merchandise sold was $6.936. 17 The correct company paid freight costs of $270 26 Cullumber received the balance due from Guiying. m dented when the amount is entered Do not indent manually. If no entry is required, select "No Encry for the account titles and enter for the amounts Recordjoumal entries in the order presented in Catacount o the problem Date Account Titles and Explanation Debit Credit To record sales on account To record cost of goods sold.) Cash payment for freight costs. June 26 Collection on account.)