On December 1, 2022 Pharoah Company had the following account balances.CashNotes ReceivableAccounts ReceivableInventoryPrepaid InsuranceEquipment(a)1217During December, the company completed the following transactions.19222631Dec. 7 Received $3,640 cash from customers in payment of account (no discount allowed).Purchased merchandise on account from Green Co. $12,800, terms 1/10, n/30.Sold merchandise on account $15,600, terms 2/10, n/30. The cost of the merchandise sold was$10,200.Debits$18,100Date2,3007,69015,5001,62030,800+$76,010+Accumulated Depreciation-EquipmentAccounts PayableCommon StockRetained EarningsPaid salaries $2,030.Paid Green Co. in full, less discount.Received collections in full, less discounts, from customers billed on December 17.Received $2,650 cash from customers in payment of account (no discount allowed).CreditsJournalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles areautomatically indented when amount is entered. Do not indent manually. Record journal entriesin the order presented in the problem.)$3,1106,00049,00017,900Account Titles and Explanation$76,010(To record sales revenue)Debit

Name: On December 1, 2022 Pharoah Company had the following account balance
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Description: On December 1, 2022 Pharoah Company had the following account balances.CashNotes ReceivableAccounts ReceivableInventoryPrepaid InsuranceEquipment(a)1217During December, the company completed the following transactions.19222631Dec. 7 Received $3,640

Journal entries are a fundamental part of the double-entry accounting system, and they serve to record financial transactions in a systematic way. Each journal entry consists of at least two parts: a debit and a credit. In a perpetual inventory system, a business keeps real-time records of its inventory levels, which are continuously updated with each sale, purchase, or return. DateParticularsDebitCreditDec-07Cash3640Accounts Receivable3640(to record sales revenue on account)Dec-12Inventory12800Accounts payable12800(to record inventory purchases on account)Dec-17Accounts Receivable15600Sales Revenue15600(to record the amount received on account)Dec-17Cost of goods sold10200Inventory10200(to record COGS incurred)Dec-19Salaries expense2030Cash2030(to record wages expense incurred)Dec-22Accounts payable12800Inventory=12800*1/100Cash=12800-128(to record payment on account)Dec-26Cash=15600-312Sales discount=15600*2/100Accounts receivable15600(to record the amount received on account)Dec-31Cash2650Accounts receivable2650(to record the amount received on account)DateParticularsDebitCreditDec-07Cash $ 3,640Accounts Receivable $ 3,640(to record sales revenue on account)Dec-12Inventory $ 12,800Accounts payable $ 12,800(to record inventory purchases on account)Dec-17Accounts Receivable $ 15,600Sales Revenue $ 15,600(to record the amount received on account)Dec-17Cost of goods sold $ 10,200Inventory $ 10,200(to record COGS incurred)Dec-19Salaries expense $ 2,030Cash $ 2,030(to record wages expense incurred)Dec-22Accounts payable $ 12,800Inventory $ 128Cash $ 12,672(to record payment on account)Dec-26Cash $ 15,288Sales discount $ 312Accounts receivable $ 15,600(to record the amount received on account)Dec-31Cash $ 2,650Accounts receivable $ 2,650(to record the amount received on account)

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On December 1, 2022 Pharoah Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment (a) 12 17 During December, the company completed the following transactions. Dec. 7 Received $3,640 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Green Co. $12,800, terms 1/10, n/30. Sold merchandise on account $15,600, terms 2/10, n/30. The cost of the merchandise sold was $10,200. 19 22 26 31 Debits $18,100 Accumulated Depreciation-Equipment 2,300 Accounts Payable 7,690 Common Stock 15,500 Retained Earnings 1,620 30,800 $76,010 Date # Credits Paid salaries $2,030. Paid Green Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17. Received $2,650 cash from customers in payment of account (no discount allowed). # $3,110 6,000 49,000 17,900 Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation $76,010 (To record sales revenue) Debit

On December 1, 2022 Pharoah Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment (a) 12 17 During December, the company completed the following transactions. Dec. 7 Received $3,640 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Green Co. $12,800, terms 1/10, n/30. Sold merchandise on account $15,600, terms 2/10, n/30. The cost of the merchandise sold was $10,200. 19 22 26 31 Debits $18,100 Accumulated Depreciation-Equipment 2,300 Accounts Payable 7,690 Common Stock 15,500 Retained Earnings 1,620 30,800 $76,010 Date # Credits Paid salaries $2,030. Paid Green Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17. Received $2,650 cash from customers in payment of account (no discount allowed). # $3,110 6,000 49,000 17,900 Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation $76,010 (To record sales revenue) Debit

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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