On June 10, Marin Company purchased $7,300 of merchandise from Cullumber Company, on account, terms 3/10,...

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On June 10, Marin Company purchased $7,300 of merchandise from Cullumber Company, on account, terms 3/10, n/30. Marin pays the freight costs of $360 on June 11. Goods totaling $500 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Cullumber Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Your answer is correct. Prepare separate entries for each transaction on the books of Marin Company. (If no entry is required, select "No Entry" for the account titles and enter O 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. List all debit entries before credit entries.) Date Account Titles and Explanation June 10 Inventory Accounts Payable June 11 Inventory Cash Debit 7300 360 June 12 Accounts Payable 500 Inventory June 19 Accounts Payable 6800 Cash Inventory Credit 7300 360 500 6596 204 (b) Prepare separate entries for each transaction for Cullumber Company. The merchandise purchased by Marin on June 10 cost Cullumber $2,400, and the goods returned cost Cullumber $210. (If no entry is required, select "No entry" for the account titles and enter O 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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit June 10 Accounts Receivable June 10 Sales Revenue (To record credit sale) Cost of Goods Sold June 11 Inventory (To record cost of goods sold) Sales Returns and Allowances June 12 Accounts Receivable June 12 V (To record credit for receipt of goods returned) June 19 (To record cost of goods returned) On June 10, Marin Company purchased $7,300 of merchandise from Cullumber Company, on account, terms 3/10, n/30. Marin pays the freight costs of $360 on June 11. Goods totaling $500 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Cullumber Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Your answer is correct. Prepare separate entries for each transaction on the books of Marin Company. (If no entry is required, select "No Entry" for the account titles and enter O 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. List all debit entries before credit entries.) Date Account Titles and Explanation June 10 Inventory Accounts Payable June 11 Inventory Cash Debit 7300 360 June 12 Accounts Payable 500 Inventory June 19 Accounts Payable 6800 Cash Inventory Credit 7300 360 500 6596 204 (b) Prepare separate entries for each transaction for Cullumber Company. The merchandise purchased by Marin on June 10 cost Cullumber $2,400, and the goods returned cost Cullumber $210. (If no entry is required, select "No entry" for the account titles and enter O 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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit June 10 Accounts Receivable June 10 Sales Revenue (To record credit sale) Cost of Goods Sold June 11 Inventory (To record cost of goods sold) Sales Returns and Allowances June 12 Accounts Receivable June 12 V (To record credit for receipt of goods returned) June 19 (To record cost of goods returned)