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Record the following transactions on the books of Cullumber Co. (Omit cost of goods sold entries.) (a) On July 1, Cullumber Co. sold merchandise on account to Stacey Inc. for $20,820, terms 2/10, n/30. (b) On July 8, Stacey Inc. returned merchandise worth $2,520 to Cullumber Co. (c) On July 11, Stacey Inc. paid for the merchandise.

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Answer:

Explanation:

Debit Cash $20,188

Debit Sales Discounts $366

Credit Accounts Receivable $18,300

Sales Discounts is calculated by $18,300 x 0.02 = $366

Cash is calculated by ($20,820 - $2,520) * (1.00 - 0.02) = $17,934

Accounts receivable is calculated by $23,000 - $2,400 = $18,300