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The following transactions are for Cullumber Company. 1 On December 3, Cullumber Company sold $511,400...

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Accounting

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The following transactions are for Cullumber Company. 1 On December 3, Cullumber Company sold $511,400 of merchandise to Vaughn Co, on account, terms 1/10,n/30, The cost of the merchandise sold was $346,300. 2. On December 8, Vaughn Co. was granted an atlowance of $34,600 tor merchandise purchased on December 3. 3. On December 13, Cullumber Compary received the balance due from Vaughn Co. (a) Prepare the journal entries to record these transactions on the books of Cullumber Company using a perpetual inveatory snstem. (Credit account titles are automaticelly indented when omount is entered. Do not indent manuglly. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Assume that Cullumber Company received the balance due from Vaughn Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when 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.)

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