Question

Prepare journal entries to record the following sales transactions in Cullumber Company's books. Cullumber uses a perpetual inventory system. Jan. 2 Cullumber sold $14,000 of merchandise to Xiaoyan Company, terms n/30, FOB shipping point. The cost of the merchandise sold was $5,530. Jan. 4 The company paid freight costs of $175. Jan. 6 Xiaoyan returned $1,400 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $550, and it was restored to inventory. Feb. 1 Cullumber received the balance due from Xiaoyan.

          Prepare journal entries to record the following sales transactions in Cullumber Company's books. Cullumber uses a perpetual inventory system.

Jan. 2
Cullumber sold $14,000 of merchandise to Xiaoyan Company, terms n/30, FOB shipping point. The cost of the merchandise sold was $5,530.

Jan. 4
The company paid freight costs of $175.

Jan. 6
Xiaoyan returned $1,400 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $550, and it was restored to inventory.

Feb. 1
Cullumber received the balance due from Xiaoyan.

prepare journal entries to record the following sales transactions in cullumber companys books cullumber uses a perpetual inventory system jan 2 cullumber sold 14000 of merchandise to xiaoya 18029

Added by Richard A.

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