This information relates to Marin Co. 1.On April 5, purchased merchandise from Cullumber Company for $25,800, terms
Question:
This information relates to Marin Co. 1.On April 5, purchased merchandise from Cullumber Company for $25,800, terms 3/10, n/30. 2.On April 6, paid freight costs of $660 on merchandise purchased from Cullumber. 3.On April 7, purchased equipment on account for $33,700. 4.On April 8, returned $4,300 of April 5 merchandise to Cullumber Company. 5.On April 15, paid the amount due to Cullumber Company in full. (a) 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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.
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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso