Prepare the journal entries to record the following transactions on Pharoah Company’s books using a perpetual inventory system. (a)   On March 2, Shamrock Company sold $897,900 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost of the merchandise sold was $594,200. (b)   On March 6, Pharoah Company returned $100,900 of the merchandise purchased on March 2. The cost of the merchandise returned was $67,500. (c)   On March 12, Shamrock Company received the balance due from Pharoah Company.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Prepare the journal entries to record the following transactions on Pharoah Company’s books using a perpetual inventory system.

(a)   On March 2, Shamrock Company sold $897,900 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost of the merchandise sold was $594,200.
(b)   On March 6, Pharoah Company returned $100,900 of the merchandise purchased on March 2. The cost of the merchandise returned was $67,500.
(c)  

On March 12, Shamrock Company received the balance due from Pharoah Company.

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