Question 6 of 6 View Policies Current Attempt in Progress 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 returns or exchanges. June Cullumber sold $16,900 of merchandise to Guiying Company, terms 2/10, 1/30, FOB destination. The cost of the 16 merchandise sold was $8,619. 17 The correct company paid freight costs of $279. 26 Cullumber received the balance due from Guiying. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation