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Cullumber Company is a furniture retailer and uses the perpetual inventory system. On January 14,...

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Accounting

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Cullumber Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2022, Cullumber purchased merchandise inventory at a cost of $52,000. Credit terms were 2/10, 1/30. The inventory was sold on account for $60,000 on January 21, 2022. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022 Prepare journal entries to record each of these transactions. (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.) Debit Credit Date Account Titles and Explanation Jan. 14 Inventory Accounts Payable Jan. 21 Accounts Receivable Sales Revenue (To record credit sale) Jan. 21 Cost of Goods Sold Inventory (To record cost of good sold) Jan. 23 Accounts Payable Cash Inventory Jan. 30 Cash Sales Discounts Accounts Receivable

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