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Presented below are two independent situations. Assume each company uses a periodic inventory system. ...

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Accounting

Presented below are two independent situations. Assume each company uses a periodic inventory system.
On January 6, Cullumber Co. sells merchandise on account to Pryor Company for $5,450, terms 210, n/30. On January 16,
Pryor Company pays the amount due.
On January 10, D. Laskowski purchases $7,100 of merchandise from Bramble Co., terms 210, n/30. D. Laskowski returns
$500 of merchandise to Bramble on January 15. Bramble Co. charges its customers 1% per month on overdue amounts. On
March 10, Bramble records interest on D. Laskowski's past-due account. On March 11, D. Laskowski pays his account in full.
(a)
For item 1, prepare the entries on January 6 and January 16 on Cullumber Co.'s books. Ignore any inventory and cost of goods sold
entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry
is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit
entries. Record journal entries in the order presented in the problem.)
Date
Account Titles
Debit
Credit
Accounts Receivable
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