Current Attempt in ProgressDescribed below are certain transactions of Pharoah Corporation. The company uses the periodic inventory system.On February 2, the corporation purchased goods from Martin Company for $68,100 subject to cash discount terms of 2/10,n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was1.paid on February 26On April 1, the corporation bought a truck for $51,000 from General Mators Company, paying $5,000 in cash and signing aone-year, 109% note for the balance of the purchase price.2.On May 1, the corporation borrowed SBB,600 from Chicago National Bank by signing a $97,720 zero-interest-bearing notedue one year from May 1.3.On August 1, the board of directors declared a $288,800 cash dividend that was payable on September 10 to stockholders ofrecord on August 31.4.Part 1Your answer is partially correct.LMake all the journal entries necessary to record the transactions above using appropriate dates. (if no entry is required, select "NoEntry" for the account titles and enter O for the amounts. Credit account tities are automatically indented when amount is entered. Do notindent manually. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitFebruary 2February 2Februarv 26February 26April 1April 1eTextbook and MediaSolutionAssistance UsedList of AccountsSave for LaterAttempts: 2 of 5 usedSubmit AnswerPart 2X Your answer is incorrect.Pharoah Corporation's year-end is December 31. Assuming that no adjusting entries relative to the transactions above havebeen recorded, prepare any adjusting journal entries concerning interest that are necessary to present fair financial statementsat December 31. Assume straight-line amortization of discounts. (If no entry is required, select "No Entry" for the account tities andenter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journalentries in the order presented in the probjem.)No. Account Titles and ExplanationDebitCredit1.2.3.4.eTextbook and MediaSolutionAssistance UsedList of AccountsSave for LaterAttempts: 2 of 5 usedSubmit Answer

A journal entry is a form of accounting entry that is used to report a business transaction in a…

Described below are certain transactions of Pharoah Corporation. The company uses the periodic inventory system On February 2, the corporation purchased goods from Martin Company for S68,100 subject to cash discount terms of 2/10. 1. n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. On April 1, the corporation bought a truck for $51,000 from General Motors Company, paying $5.000 in cash and signing a one-year, 10% note for the balance of the purchase price. 3. On May 1, the corporation borrowed SB8,600 from Chicago National Bank by signing a $97,720 zero-interest-bearing note due one year from May 1. 4. On August 1, the board of directors declared a $288,800 cash dividend that was payable on September 10 to stockholders of record on August 31. Part 1 Your answer is partially correct. Make all the journal entries necessary to record the transactions above using appropriate dates. Of 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. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit February 2 February 2 Februarv 26 February 26 April 1 Aoril 1 eTextbook and Media Solution Assistance Used List of Accounts Save tor Later Attempts: 2 of 5 used Submit Answer Part 2 X Your answer is incorrect. Pharoah Corporation's year-end is December 31. Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting journal entries concerning interest that are necessary to present fair financial statements at December 31. Assume straight-line amortization of discounts. Of no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automaticaly indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) No. Account Titles and Explanation Debit Credit 1 2. 3.