Business, 18.06.2021 02:10 kebo63

The following transactions are for Marin Company. 1. On December 3, Marin Company sold $492,200 of merchandise to Cullumber Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $325,100. 2. On December 8, Cullumber Co. was granted an allowance of $22,900 for merchandise purchased on December 3. 3. On December 13, Marin Company received the balance due from Cullumber Co. a. Prepare the journal entries to record these transactions on the books of Oriole Company. Oriole Company uses a perpetual inventory system. b. Assume that Oriole Company received the balance due from Cullumber Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.

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The following transactions are for Marin Company. 1. On December 3, Marin Company sold $492,200 of m...

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