Current Attempt in Progress Prepare the journal entries to record the following purchase transactions in Cullumber Company's books. Cullumber uses a perpetual inventory system. Jan. 2 4. Cullumber purchased $20,800 of merchandise from Feng Company, terms/30, FOB shipping point. The correct company paid freight costs of $315. Cullumber returned $2,400 of the merchandise purchased on January 2 because it was not needed. Cullumber paid the balance owing to Feng. 6 Feb. 1