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Cullumber Corporation uses the perpetual inventory system and began business on April 1. During the...

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Accounting

Cullumber Corporation uses the perpetual inventory system and began business on April 1. During the month Cullumber made inventory purchases of $85,400 on terms of 210,n30. Cullumber returned $3,200 worth of goods during the month. Cullumber made all payments in time to take advantage of the offered cash discounts during the month. Cullumber sold inventory on account with a value of $73,400 and a markup of 30% on the cost. These were the only inventory transactions during the month. Leo uses the gross method in accounting for cash discounts. Prepare the journal entries related to:
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