Question $4$ of $7$

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The following transactions are for Cullumber Company.

On December $3,$ Cullumber Company sold $$581,400$ of merchandise to Riverbed Co$.,$ on account, terms $\frac{2}{10},\frac{n}{30},$FOB destination. Cullumber paid $$470$ for freight charges. The cost of the merchandise sold was $$366,300.$

On December $8,$ Riverbed Co$.$ was granted an allowance of $$29,400$ for merchandise purchased on December $3.$

On December $13,$ Cullumber Company received the balance due from Riverbed Co$.$

$($a$)$

Prepare the journal entries to record these transactions on the books of Cullumber Company using a perpetual inventory system. $($List all debit entries before credit entries. 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.$)$

No$.$ Date

Account Titles and Explanation

Debit

Credi

$($To record credit sale$)$

$($To record cost of merchandise sold$)$