$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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please need correct well explained computed and formulated answer with steps and all working thanks
Transcribed Image Text:On May 1, Pharoah Company had 430 units of inventory on hand, at a cost of $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
14
(a)
(b)
29
Date
May 3
May 3
Purchases
May 4
1,500
780
400 @
Account Titles
$4.20
$4.30
$4.75
Sales
May 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 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.)
(To record cost of goods sold.).
16
(To record purchase on account.)
18
Sales
260
1,100
@
570 @
$7.00
$7,00
$7.50
Debit
Credit
10101
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