1 answer

Brief Exercise 7-2 Cullumber Co. uses the gross method to record sales made on credit. On...

Question:

Brief Exercise 7-2

Cullumber Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $67,400 with terms 3/15, n/45. On June 12, 2017, Cullumber received full payment for the June 1 sale.

Prepare the required journal entries for Cullumber Co. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

June 1

June 12

Here are the list of accounts

Brief Exercise 7-2

Accounts Payable
Accounts Receivable
Advertising Expense
Allowance for Doubtful Accounts
Bad Debt Expense
Cash
Cash Over and Short
Due from Factor
Due to Customer
Discount on Notes Payable
Discount on Notes Receivable
Freight-In
Freight-Out
Gain on Disposal of Land
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Loss on Sale of Receivables
Miscellaneous Expenses
No Entry
Notes Payable
Notes Receivable
Office Expense
Owner's Drawings
Petty Cash
Postage Expense
Purchase Discounts
Recourse Liability
Sales Discounts
Sales Discounts Forfeited
Sales Revenue
Service Revenue
Supplies
Supplies Expenses
Unearned Sales Revenue

Answers

June 1 Accounts Receivable 67400
Sales revenue 67400
June 12 Cash 65378
Sales discount (67400*3%) 2022
Accounts Receivable 67400
.

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