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Business, 13.01.2022 03:10 amaya171

Prepare the journal entries to record the following transactions on Cullumber Company's books using a perpetual inventory system. (a) On March 2, Marin Company sold $914,000 of merchandise to Cullumber Company on account, terms 3/10, n/30. The cost of the merchandise sold was $592,400.
(b) On March 6, Cullumber Company returned $104,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $64,400.
(c) On March 12, Marin Company received the balance due from Cullumber Company.

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