Presented below are two independent situations. Assume each company uses a periodic inventory system.
On January Cullumber Co sells merchandise on account to Pryor Company for $ terms n On January
Pryor Company pays the amount due.
On January D Laskowski purchases $ of merchandise from Bramble Co terms n D Laskowski returns
$ of merchandise to Bramble on January Bramble Co charges its customers per month on overdue amounts. On
March Bramble records interest on D Laskowski's pastdue account. On March D Laskowski pays his account in full.
a
For item prepare the entries on January and January on Cullumber Cos books. Ignore any inventory and cost of goods sold
entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry
is required, select No Entry" for the account titles and enter for the amounts. List all debit entries before credit
entries. Record journal entries in the order presented in the problem.
Date
Account Titles
Debit
Credit
Accounts Receivable
