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Cullumber Company is presently testing a number of new agricultural seeds that it has recently...

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Accounting

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Cullumber Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Cullumber sells these seeds on account for $1,560,000 (cost $702,000 ) on January 2, 2025, Customers are required to pay the full amount due by April 15, 2025. (a) Prepare the journal entry for Cullumber at January 2.2025, assuming Cullumber estimates returns of 20\% based on prior experience. (List all debit entries before credit entries. Credit occount titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)

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