Current Attempt in Progress

Use a tabular summary to record the following transactions for Cullumber Company using a perpetual inventory

system. Include margin explanations for the changes in revenues and expenses.

$($a$)$ On March $2,$ Cullumber Company sold $$672,000$ of merchandise to Ivanhoe Company on account. The

cost of the merchandise sold was $$453,600.$

$($b$)$ On March $6,$ Ivanhoe Company returned $$117,600$ of the merchandise purchased on March $2.$ The cost

of the merchandise returned was $$78,960.$

$($c$)$ On March $12,$ Cullumber Company received the balance due from Ivanhoe Company.

Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses.

Increases in expenses require a negative sign or parentheses.

Reductions in revenues require a negative sign or parentheses.