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Prepare the journal entries to record the following purchase transactions in Culver Inc

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Prepare the journal entries to record the following purchase transactions in Culver Inc.s books. Culver uses a perpetual inventory system. (List all debit entries before credit 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 O for the amounts.) Jan. 2 5 Culver purchased goods for $48,600 from Fundy Corp., terms n/45, FOB destination. The appropriate company paid freight costs of $1,000. Culver returned $6,480 of the goods purchased on January 2, because they were not needed. Culver paid the balance owed to Fundy. 6 11 Date Account Titles and Explanation Debit Credit Jan. 2 Inventory 48600 Accounts Payable 48600 Jan. 5 No Entry 0 No Entry O Jan. 6 Accounts Payable 6480 Inventory 6480 Jan. 11 Accounts Payable 42120 Cash 41258