On January 6, Cullumber Co. sells merchandise on account to Harley Inc. for $7,200, terms 2/10, n/30. On January 16, Harley pays the amount due. Prepare the entries on Cullumber Co's books to record the sale and related collection. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) ما Date Account Titles and Explanation Jan. 6 Accounts Receivable Jan. 16 v Sales Revenue Cash Sales Discounts Accounts Receivable Debit Credit

On January 6, Cullumber Co. sells merchandise on account to Harley Inc. for $7,200, terms 2/10, n/30. On January 16, Harley pays the amount due. Prepare the entries on Cullumber Co's books to record the sale and related collection. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) ما Date Account Titles and Explanation Jan. 6 Accounts Receivable Jan. 16 v Sales Revenue Cash Sales Discounts Accounts Receivable Debit Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15MC: A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize...

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