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ansactions for Pharoah penses. P6,000 of merchandise d $156,800 of the merc

ansactions for Pharoah penses. P6,000 of merchandise d $156,800 of the merc

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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am. 05.

Use a tabular summary to record the following transactions for Pharoah Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) # (b) (c) On March 2, Pharoah Company sold $896,000 of merchandise to Sheridan Company on account. The cost of the merchandise sold was $604,800. Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. • Increases in expenses require a negative sign or parentheses. Reductions in revenues require a negative sign or parentheses. (a) Mar. 2 $ On March 6, Sheridan Company returned $156,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $105,280. On March 12, Pharoah Company received the balance due from Sheridan Company. Cash + PENGE $ Assets Sans ce fo Accts. Rec. -/6 = : $ LA Inv. 11 LA Lial Acc
Transcribed Image Text:Use a tabular summary to record the following transactions for Pharoah Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) # (b) (c) On March 2, Pharoah Company sold $896,000 of merchandise to Sheridan Company on account. The cost of the merchandise sold was $604,800. Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. • Increases in expenses require a negative sign or parentheses. Reductions in revenues require a negative sign or parentheses. (a) Mar. 2 $ On March 6, Sheridan Company returned $156,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $105,280. On March 12, Pharoah Company received the balance due from Sheridan Company. Cash + PENGE $ Assets Sans ce fo Accts. Rec. -/6 = : $ LA Inv. 11 LA Lial Acc
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