Presented below are transactions related to Pharoah Company. 1. On December 3, Pharoah Company sold $606,000 of merchandise to Flounder Co., terms 3/10, n/30, FOB destination. Pharoah paid $560 for freight charges. The cost of the merchandise sold was $384,100. 2. On December 8, Flounder Co. was granted an allowance of $29,500 for merchandise purchased on December 3. 3. On December 13, Pharoah Company received the balance due from Flounder Co. (a) Prepare the journal entries to record these transactions on the books of Pharoah Company using a perpetual inventory system. (Credit account titles are automatically indented when 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.)
Presented below are transactions related to Pharoah Company. 1. On December 3, Pharoah Company sold $606,000 of merchandise to Flounder Co., terms 3/10, n/30, FOB destination. Pharoah paid $560 for freight charges. The cost of the merchandise sold was $384,100. 2. On December 8, Flounder Co. was granted an allowance of $29,500 for merchandise purchased on December 3. 3. On December 13, Pharoah Company received the balance due from Flounder Co. (a) Prepare the journal entries to record these transactions on the books of Pharoah Company using a perpetual inventory system. (Credit account titles are automatically indented when 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Presented below are transactions related to Pharoah Company.
| 1. | On December 3, Pharoah Company sold $606,000 of merchandise to Flounder Co., terms 3/10, n/30, FOB destination. Pharoah paid $560 for freight charges. The cost of the merchandise sold was $384,100. |
|
| 2. | On December 8, Flounder Co. was granted an allowance of $29,500 for merchandise purchased on December 3. | |
| 3. | On December 13, Pharoah Company received the balance due from Flounder Co. |
(a)
Prepare the journal entries to record these transactions on the books of Pharoah Company using a perpetual inventory system. (Credit account titles are automatically indented when 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.)
|
No.
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|---|---|
| 1. | ||||
| 2. | ||||
| 3. | ||||
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education