Presented below are transactions related to Cullumber, Inc. Prepare general jour
ID: 2571529 • Letter: P
Question
Presented below are transactions related to Cullumber, Inc.
Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles
Debit
Credit
May 10 Purchased goods billed at $11,900 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at $15,700 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $14,000 subject to cash discount terms of 2/10, n/30.Explanation / Answer
May-10 Purchases 11662 =11900*0.98 Accounts Payable 11662 May-11 Purchases 15543 =15700*0.99 Accounts Payable 15543 May-19 Accounts Payable 11662 Cash 11662 May-24 Purchases 13720 =14000*0.98 Accounts Payable 13720
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