On January 10, 2025, Pharoah Co. sold merchandise on account to Tompkins for $7.430, terms n/30, On February 9, Tompkins gave Pharoah Co. a 7% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the accounts receivable. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Date Debit Credit
On January 10, 2025, Pharoah Co. sold merchandise on account to Tompkins for $7.430, terms n/30, On February 9, Tompkins gave Pharoah Co. a 7% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the accounts receivable. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Date Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 10, 2025, Pharoah Co. sold merchandise on account to Tompkins for $7,430, terms n/30. On February 9, Tompkins gave
Pharoah Co. a 7% promissory note in settlement of this account.
Prepare the journal entry to record the sale and the settlement of the accounts receivable. (Omit cost of goods sold entries.) (List all
debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record
journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)
Date
Account Titles and Explanation
Debit
Credit
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