The following transactions are for Cullumber Company.

1. On December 3, Cullumber Company sold $640,000 of merchandise to Blossom Co. on account. The cost of the merchandise sold was $422.400.
2. On December 8, Blossom Co. returned $32,000 of merchandise purchased on December 3. The cost of the goods was $20,480.
3. On December 13, Cullumber Company received the balance due from Blossom Co.

Prepare a tabular summary to record these transactions for Cullumber Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses.

• Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses.
• Increases in expenses require a negative sign or parentheses.
• Reductions in revenues require a negative sign or parentheses.

The following transactions are for Cullumber Company. 1. On December 3, Cullumber Company sold $640,000 of merchandise to Blossom Co. on account. The cost of the merchandise sold was $422,400. 2. On December 8, Blossom Co. returned $32,000 of merchandise purchased on December 3. The cost of the goods was $20,480. 3. On December 13, Cullumber Company received the balance due from Blossom Co. Prepare a tabular summary to record these transactions for Cullumber Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. - Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. - Increases in expenses require a negative sign or parentheses. - Reductions in revenues require a negative sign or parentheses