Exercise 6-2 Your answer is partially correct. Try again. The following transactions are for Cullumber Company. 1 On December 3, Cullumber Company sold $533,400 of merchandise to Pharoah Co. on account. The cost of the merchandise sold was $312,100. 2. On December 8, Pharoah Co. returned $24,700 of merchandise purchased on December 3The cost of the goods was $16,000. 3. On December 13, Cullumber Company received the balance due from Pharoah Co. Prepare a tabular summary to record these transactions for Cullumber Company using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45)) Liabilities+ Stockholders' Equity Retained Earnings + Accts. Rec. + Inv. Accts. Pay. +Common Stock+ Rev. Dec. 3 53340 53340 Sales revenue 3121 312100 Cost of goods sold 2470 16000 Sales returns & allowances -24700 16000 Cost of goods sold 13 5087 508700 508700