Problem #1

Problem #2

00059 000050z 5 Calculate the profit margin and gross profit rate. (Round answers to 0 decimal places, e.g. 15\%.) Profit margin % Gross profit rate % 1. On December 3, Marin Company sold $455,200 of merchandise to Cullumber Co., on account, terms 1/10,n/30. The cost of the merchandise sold was $316,500. 2. On December 8 , Cullumber Co. was granted an allowance of $23,500 for merchandise purchased on December 3 . 3. On December 13, Marin Company received the balance due from Cullumber Co. (a) Prepare the journal entries to record these transactions on the books of Marin. Marin uses a perpetual inventory system. (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.) Assume that Marin Company received the balance due from Cullumber Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (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.)