On February 6, Cullumber Company sold $112,000 of merchandise to the Lyman Company, terms 2/10, net /30. The cost of the merchandise sold was $73,000. On February 8, the Lyman Company
returned $13,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $8,200. On February 16 Cullumber Company received the balance due from the Lyman
Company.
Prepare the journal entries to record the above transactions on Cullumber Company's books using a perpetual inventory system. (Credit account titles are automatically indented when the
amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
(To record credit sale)
(To record cost of good sold)
(To record goods returned)
(To record cost of good returned)