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On May 10, Cullumber Co. buys $1,250 of merchandise on account from Marin...

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Accounting

On May 10, Cullumber Co. buys $1,250 of merchandise on account from Marin Supply, terms 210,n30. Cullumber pays Marin on May 18. The buyer uses the perpetual inventory method.
a. Prepare the entry to record the purchase of merchandise. (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. List debit entry before credit entry.)
Date Account Titles and Explanation
May 10
b. Prepare the entry to record the payment by Cullumber, if Cullumber pays within the discount period. (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. List all debit entries before credit entries.)
\table[[Date,Account Titles and Explanation,Debit,Credit],[May 18],[,,,],[,,,],[,,,]]
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