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This information relates to Marin Co. 1. 2. 3. On April 5. purchased merchandise from Cullumber Company for $25,800, terms 3/10,n/30. On April 6, paid
This information relates to Marin Co. 1. 2. 3. On April 5. purchased merchandise from Cullumber Company for $25,800, terms 3/10,n/30. On April 6, paid freight costs of $ 660 on merchandise purchased from Cullumber. On April 7, purchased equipment on account for $ 33,700. On April 8, returned $4,300 of April 5 merchandise to Cullumber Company On April 15, paid the amount due to Cullumber Company in full. 4. on 5. Prepare the journal entries to record the transactions listed above on Marin Co's books. Marin Co.uses a perpetual inventory system. (if no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Debit Credit Account Titles and Explanation Inventory 1. April 25800 Accounts Payable 2. April 6 Inventory 660 Cash 3 3. April 7 Equipment 33700 Accounts Payable 4. April 8 Accounts Payable 4300 Inventory 5 5. April 15 Accounts Payable 21500 Cash Inventory (b) Assume that Marin Co. paid the balance due to Cullumber Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 4
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