Homework Help is Here – Start Your Trial Now!
Business
Accounting
The chart of accounts of Pharoah Company includes the following selected accounts. 112 Accounts Receivable 401 Sales Revenue 120 Inventory 412 Sales Returns and Allowances 126 Supplies 505 Cost of Goods Sold 157 Equipment 610 Advertising Expense 201 Accounts Payable In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price. July 1 Purchased merchandise from Eby Company $7,780. 2 Received freight bill from Shaw Shipping on Eby purchase $430. 3 Made sales to Fort Company $1,510 and to Hefner Bros. $1,700. 5 Purchased merchandise from Getz Company $3,240. 8 Received credit on merchandise returned to Getz Company $350. 13 Purchased store supplies from Dayne Supply $670. 15 Purchased merchandise from Eby Company $3,660 and from Bosco Company $4,320. 16 Made sales to Aybar Company $3,270 and to Hefner Bros. $1,860. 18 Received bill for advertising from Welton Advertisements $630. 21 Sales were made to Fort Company $260 and to Duncan Company $3,100. 22 Granted allowance to Fort Company for merchandise damaged in shipment $30. 24 Purchased merchandise from Getz Company $3,080. 26 Purchased equipment from Dayne Supply $740. 28 Received freight bill from Shaw Shipping on Getz purchase of July 24, $330. 30 Sales were made to Aybar Company $5,630. (a) Journalize the transactions above in a purchases journal, a sales journal, and a general journal. (Record entries in the order displayed in the problem statement.) Purchases Journal P1 Date Account Credited (Debited) Ref. Accounts Payable Cr. Inventory Dr. Other Accounts Dr. Choose a transaction date Select an account title √ Enter a dollar amount Enter a dollar amount Enter a dollar amount Choose a transaction date Select an account title √ Enter a dollar amount Enter a dollar amount Enter a dollar amount Choose a transaction date Select an account title

The chart of accounts of Pharoah Company includes the following selected accounts. 112 Accounts Receivable 401 Sales Revenue 120 Inventory 412 Sales Returns and Allowances 126 Supplies 505 Cost of Goods Sold 157 Equipment 610 Advertising Expense 201 Accounts Payable In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price. July 1 Purchased merchandise from Eby Company $7,780. 2 Received freight bill from Shaw Shipping on Eby purchase $430. 3 Made sales to Fort Company $1,510 and to Hefner Bros. $1,700. 5 Purchased merchandise from Getz Company $3,240. 8 Received credit on merchandise returned to Getz Company $350. 13 Purchased store supplies from Dayne Supply $670. 15 Purchased merchandise from Eby Company $3,660 and from Bosco Company $4,320. 16 Made sales to Aybar Company $3,270 and to Hefner Bros. $1,860. 18 Received bill for advertising from Welton Advertisements $630. 21 Sales were made to Fort Company $260 and to Duncan Company $3,100. 22 Granted allowance to Fort Company for merchandise damaged in shipment $30. 24 Purchased merchandise from Getz Company $3,080. 26 Purchased equipment from Dayne Supply $740. 28 Received freight bill from Shaw Shipping on Getz purchase of July 24, $330. 30 Sales were made to Aybar Company $5,630. (a) Journalize the transactions above in a purchases journal, a sales journal, and a general journal. (Record entries in the order displayed in the problem statement.) Purchases Journal P1 Date Account Credited (Debited) Ref. Accounts Payable Cr. Inventory Dr. Other Accounts Dr. Choose a transaction date Select an account title √ Enter a dollar amount Enter a dollar amount Enter a dollar amount Choose a transaction date Select an account title √ Enter a dollar amount Enter a dollar amount Enter a dollar amount Choose a transaction date Select an account title

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
See similar textbooks
icon
Related questions
Topic Video
Question
The chart of accounts of Pharoah Company includes the following selected accounts.

112   Accounts Receivable   401   Sales Revenue
120   Inventory   412   Sales Returns and Allowances
126   Supplies   505   Cost of Goods Sold
157   Equipment   610   Advertising Expense
201   Accounts Payable        

In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price.

July 1   Purchased merchandise from Eby Company $7,780.
2   Received freight bill from Shaw Shipping on Eby purchase $430.
3   Made sales to Fort Company $1,510 and to Hefner Bros. $1,700.
5   Purchased merchandise from Getz Company $3,240.
8   Received credit on merchandise returned to Getz Company $350.
13   Purchased store supplies from Dayne Supply $670.
15   Purchased merchandise from Eby Company $3,660 and from Bosco Company $4,320.
16   Made sales to Aybar Company $3,270 and to Hefner Bros. $1,860.
18   Received bill for advertising from Welton Advertisements $630.
21   Sales were made to Fort Company $260 and to Duncan Company $3,100.
22   Granted allowance to Fort Company for merchandise damaged in shipment $30.
24   Purchased merchandise from Getz Company $3,080.
26   Purchased equipment from Dayne Supply $740.
28   Received freight bill from Shaw Shipping on Getz purchase of July 24, $330.
30   Sales were made to Aybar Company $5,630.

(a)

 
 
Journalize the transactions above in a purchases journal, a sales journal, and a general journal. (Record entries in the order displayed in the problem statement.)

Purchases Journal
             
P1
Date
Account Credited (Debited)
Ref.
Accounts Payable Cr.
  
Inventory Dr.
  
Other Accounts Dr.
Choose a transaction date
 
Select an account title
 
√
Enter a dollar amount
  
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
 
Select an account title
 
√
Enter a dollar amount
  
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
 
Select an account title
 
√
Enter a dollar amount
  
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
 
Select an account title
 
126/√
Enter a dollar amount
  
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
  Select an account title
 
√
Enter a dollar amount
  
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
 
Select an account title
 
√
Enter a dollar amount
  
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
 
Select an account title
 
610/√
 Enter a dollar amount  
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
 
Select an account title
 
√
Enter a dollar amount
  
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
 
Select an account title
 
157/√
Enter a dollar amount
  
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
 
Select an account title
 
√
Enter a dollar amount
  
Enter a dollar amount
  
Enter a dollar amount
 
 
 
Enter a total amount for this column
  
Enter a total amount for this column
  
Enter a total amount for this column
 
 
 
(201)
  
(120)
  
(X)

 

Sales Journal
         
S1
Date
Account Debited
Ref.
Accounts Receivable Dr.
Sales Revenue Cr.
  
Cost of Goods Sold Dr.
Inventory Cr.
Choose a transaction date
 
Select an account title
 
√
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
 
Select an account title
 
√
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
 
Select an account title
 
√
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
 
Select an account title
 
√
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
 
Select an account title
 
√
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
 
Select an account title
 
√
Enter a dollar amount
  
Enter a dollar amount
Choose a transaction date
 
Select an account title
 
√
Enter a dollar amount
  
Enter a dollar amount
 
 
 
Enter a total amount for this column
  
Enter a total amount for this column
 
 
 
(112)(401)
  
(505)(120)



(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
Choose a transaction date
 
Select an account title
Enter a debit amount
Enter a credit amount
 
Select an account title
Enter a debit amount
Enter a credit amount
Choose a transaction date
 
Select an account title
Enter a debit amount
Enter a credit amount
 
Select an account title
Enter a debit amount
Enter a credit amount
 

eTextbook and Media

List of Accounts

 
 
 
 
Attempts:
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS