Your answer iswer is partially correct. Try again. The following transactions are for Cullumber Company. 1. On December 3, Cullumber Company sold $33,400 of merchandise to Pharoah Co., terms 2/10, n/30. The cost of the merchandise sold was $312,100. 2. On December 8, Pharoah Co. was granted an allowance of $24,700 for merchandise purchased on December 3. 3. On December 13, Cullumber Company received the balance due from Pharoah Co. Prepare the journal entries to record these transactions on the books of Cullumber Company, Cullumber Company uses a perpetual inventory system. (If no entry in required, select "No Entry for the account eitles and enter for the amounts. Credit account titles are automatically indented when amount is entered. De not indent manually.) Account Titles and Explanation Debit 1. Dec. 3 Accounts Receivable 33400 No. Date Credit Sales Revenue 33400 (to record credit sale) 312100 Cost of Goods Sold 312100 Inventory (To record cost of merchandise sold) 24700 Deco Sales Returns and Awances 2211 (To record cost of merchandise sold) NE 2 Dec. 8 Sales Returns and Allowances 24700 Accounts Receivable 24700 3. Dec. 13 Cash 508700 Sales Discounts Accounts Receivable Assume that Cullumber Company received the balance due from Pharoah 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 for the amous Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan 2 Cash Accounts Receivable Click in with wat for the niti Prepare the journal entries to record the following transactions on Crane Company's books using a perpetual Inventory system. (If no entry is required, select "No Entry for the account tities and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Sheridan Company sold $881,500 of merchandise to Crane Company, terms 3/10, 1/30. The cost of the merchandise sold was $519,100. (b) On March 6, Crane Company returned $100,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $68,800. On March 12, Sheridan Company received the balance due from Crane Company Account Titles and Explanation Debit Credit (a) March 2 Inventory 381500 No. Date Accounts Payable 38.500 (6) March Accounts Payable 100400 Inventory 100400 19 March 120cmunts Payable 781100 Inventory Click if you would like to Show Work for this question Open Show.Work Exercise 5-11 The following selected accounts from the Ayayal Corp.'s general ledger are presented below for the year ended December 31, 2017: Advertising expense $ 40,700 Interest revenue $ 22,200 Common stock 185,000 Inventory 49,580 Cost of goods sold 802,900 Rent revenue 17,760 Depreciation expense 92,500 Retained earnings 395,900 Dividends 111,000 Salaries and wages expense 499,500 Freight-out 18,500 Sales discounts 6,290 Income tax expense 51,800 Sales returns and allowances 30,340 Insurance expense 11,100 Sales revenue 1,776,000 Interest expense 51,800 Prepare a multiple-step income statement. AYAYAZ CORP. Income Statement AYAYAI CORP. Income Statement Click if VALI MALTA latacha. Ma-i
