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...

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

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 July 10