Assuming that Cullumber uses the perpetual method for recording inventory transactions, record the purchase and payment using the gross method. (If no entry is required, select "No entry" for the...

Extracted text: Assuming that Cullumber uses the perpetual method for recording inventory transactions, record the purchase and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 1 Inventory 46,000.00 Accounts Payable 46,000.00 July 10 Accounts Payable 46,000.00 Inventory | Cash


Extracted text: Cullumber Co. purchased $ 50,000 of inventory on July 1, 2017, subject to a trade discount of 8% and with credit terms of 4/10, n/30. Bolt paid the invoice on July 10.