The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 4 Cullumber Company sold merchandise to Thomas Co.for $36,000, terms 2/10,n/30, FOB destination. This merchandise cost Cullumber Company $18,000. The correct company paid freight charges of $875. Thomas Co.returned unwanted merchandise to Cullumber. The returned merchandise had a sales price of $2,600 and a cost of $990. It was restored to inventory. Cullumber Company received the balance due from Thomas Co. 8 13 Prepare the journal entries to record these transactions on the books of Cullumber Company. (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 Ofor the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 3 Accounts Receivable 36000 Sales 360 (To record sales on account.) Dec. 3 Cost of Goods Sold 18000 Merchandise Inventory 180 (To record cost of goods sold.) Dec. 4 Purchases 875 Cash 8 (Cash payment for freight costs.) Dec. 8 Sales Returns and Allowances 2600 Accounts Receivable 26 (To record credit for goods returned.) Dec. 8 Merchandise Inventory 990 Cost of Goods Sold 9 (To record cost of goods returned.) Dec. 13 Cash 32732 Sales Discounts 668 Accounts Receivable 334 (Collection on account.) Prepare the journal entries to record these transactions on the books of Thomas Co. (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 Ofor the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record purchase return.) (Payment on account.) eTextbook and Media List of Accounts Assuming that Thomas Co. had a balance in Merchandise Inventory on December 1 of $6,000, determine the balance in the Merchandise Inventory account at the end of December for Thomas Co. (Post entries in the order of journal entries presented in the previous part) Merchandise Inventory 6000 Dec. 8 Dec. 1 2600 Dec. 3 36000 Dec. 13 668 Dec. 31 38732 eTextbook and Media List of Accounts The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 4 Cullumber Company sold merchandise to Thomas Co.for $36,000, terms 2/10,n/30, FOB destination. This merchandise cost Cullumber Company $18,000. The correct company paid freight charges of $875. Thomas Co.returned unwanted merchandise to Cullumber. The returned merchandise had a sales price of $2,600 and a cost of $990. It was restored to inventory. Cullumber Company received the balance due from Thomas Co. 8 13 Prepare the journal entries to record these transactions on the books of Cullumber Company. (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 Ofor the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 3 Accounts Receivable 36000 Sales 360 (To record sales on account.) Dec. 3 Cost of Goods Sold 18000 Merchandise Inventory 180 (To record cost of goods sold.) Dec. 4 Purchases 875 Cash 8 (Cash payment for freight costs.) Dec. 8 Sales Returns and Allowances 2600 Accounts Receivable 26 (To record credit for goods returned.) Dec. 8 Merchandise Inventory 990 Cost of Goods Sold 9 (To record cost of goods returned.) Dec. 13 Cash 32732 Sales Discounts 668 Accounts Receivable 334 (Collection on account.) Prepare the journal entries to record these transactions on the books of Thomas Co. (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 Ofor the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record purchase return.) (Payment on account.) eTextbook and Media List of Accounts Assuming that Thomas Co. had a balance in Merchandise Inventory on December 1 of $6,000, determine the balance in the Merchandise Inventory account at the end of December for Thomas Co. (Post entries in the order of journal entries presented in the previous part) Merchandise Inventory 6000 Dec. 8 Dec. 1 2600 Dec. 3 36000 Dec. 13 668 Dec. 31 38732 eTextbook and Media List of Accounts