please need correct well explained computed and formulated answer with steps and all working thanks On May 1, Pharoah Company had 430 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventorysystem. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows:May 414(a)(b)29DateMay 3May 3PurchasesMay 41,500780400 @Account Titles$4.20$4.30$4.75SalesMay 3(To record sales on account.)Prepare journal entries to record the May 4 purchase and the May 3 and 16 sales. (Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accounttitles and enter 0 for the amounts. List all debit entries before credit entries.)(To record cost of goods sold.).16(To record purchase on account.)18Sales2601,100@570 @$7.00$7,00$7.50DebitCredit10101

The journal entries are prepared to record the transactions on regular basis. The cost of goods sold…

$4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 (a) (b) 14 29 Date Purchases May 3 1.500 780 400 Account Titles $4.20 $4.30 $4.75 Sales May 3 16 18 Sales 260 Prepare journal entries to record the May 4 purchase and the May 3 and 16 sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) 1,100 e $7.00 e $7,00 $7.50 570 @ Debit Credit

$4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 (a) (b) 14 29 Date Purchases May 3 1.500 780 400 Account Titles $4.20 $4.30 $4.75 Sales May 3 16 18 Sales 260 Prepare journal entries to record the May 4 purchase and the May 3 and 16 sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) 1,100 e $7.00 e $7,00 $7.50 570 @ Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

PLEASE EXPLAIN EACH POINT STEP BY STEP
Draw out a trial balance using the above trasnsactions . Thank you .
Elements of required return - establish a MARR? Explain how/
How to make trial balance
Can you further explain this to me to better understand the concept on what I'm supposed to do and what formulas I need to apply.
1. What is a case and how to defining the Case and Creating Problem Statements? 2. What is Background of the Problem and Problem Statement?
Define benchmarking
Will you please provide the formulas (explanation) to understand the results or numbers that were added in the solution?
All informtion of recievable analysis and example
Can i have the steps in formula form please
Write out the equation for the SML and explain its meaning.