Prepare the journal entries to record the following transactions on Pharoah Company’s books using a perpetual inventory system.(a) On March 2, Shamrock Company sold $897,900 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost of the merchandise sold was $594,200.(b) On March 6, Pharoah Company returned $100,900 of the merchandise purchased on March 2. The cost of the merchandise returned was $67,500.(c) On March 12, Shamrock Company received the balance due from Pharoah Company.

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Description: Prepare the journal entries to record the following transactions on Pharoah Company’s books using a perpetual inventory system.(a) On March 2, Shamrock Company sold $897,900 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost of

A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

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Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 3PEB: Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Assuming a perpetual...

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Prepare the journal entries to record the following transactions on Pharoah Company’s books using a perpetual inventory system.

(a)		On March 2, Shamrock Company sold $897,900 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost of the merchandise sold was $594,200.
(b)		On March 6, Pharoah Company returned $100,900 of the merchandise purchased on March 2. The cost of the merchandise returned was $67,500.
(c)		On March 12, Shamrock Company received the balance due from Pharoah Company.

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