The following transactions are for Shamrock Company. On December 3, Shamrock Company sold $533,400 of merchandise to Pharoah Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $312,100. On December 8, Pharoah Co. was granted an allowance of $24,700 for merchandise purchased on December 3. On December 13, Shamrock Company received the balance due from Pharoah Co. 1. 2. 3. (a) Prepare the journal entries to record these transactions on the books of Shamrock Company. Shamrock uses a perpetual inventory system. (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. List all debit entries before credit entries) Date Account Titles and Explanation No. 1. Debit Credi
The following transactions are for Shamrock Company. On December 3, Shamrock Company sold $533,400 of merchandise to Pharoah Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $312,100. On December 8, Pharoah Co. was granted an allowance of $24,700 for merchandise purchased on December 3. On December 13, Shamrock Company received the balance due from Pharoah Co. 1. 2. 3. (a) Prepare the journal entries to record these transactions on the books of Shamrock Company. Shamrock uses a perpetual inventory system. (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. List all debit entries before credit entries) Date Account Titles and Explanation No. 1. Debit Credi
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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