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.)

Name: Presented below are transactions related to Pharoah Company.1. On Dece
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 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

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

See similar textbooks

(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.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions

Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
Presented below are transactions related to Oriole Company. 1. On December 3, Oriole Company sold $ 576,200 of merchandise on account to Sheffield Co., terms 4/10, n/30, FOB destination. Oriole paid $ 490 for freight charges. The cost of the merchandise sold was $ 385,100. 2. On December 8, Sheffield Co. was granted an allowance of $ 24,900 for merchandise purchased on December 3. 3. On December 13, Oriole Company received the balance due from Sheffield Co.
Presented below are transactions related to Oriole Company. 1. On December 3, Oriole Company sold $585,800 of merchandise to Cheyenne Co., terms 2/10, n/30, FOB destination. Oriole paid $550 for freight charges. The cost of the merchandise sold was $382,700. 2. On December 8, Cheyenne Co. was granted an allowance of $26,600 for merchandise purchased on December 3. 3. On December 13, Oriole Company received the balance due from Cheyenne Co. Prepare the journal entries to record these transactions on the books of Oriole 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.
Presented below are transactions related to Oriole Company. 1. On December 3, Oriole Company sold $585,800 of merchandise to Cheyenne Co., terms 2/10, n/30, FOB destination. Oriole paid $550 for freight charges. The cost of the merchandise sold was $382,700. 2. On December 8, Cheyenne Co. was granted an allowance of $26,600 for merchandise purchased on December 3. 3. On December 13, Oriole Company received the balance due from Cheyenne Co. Assume that Oriole Company received the balance due from Cheyenne Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (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.) Date Account Titles and Explanation Debit Credit
The following transactions are for Sheridan Company. On December 3, Sheridan Company sold $613,400 of merchandise to Grouper Co., on account, terms 2/10, n/3O, FOB destination. Sheridan paid $370 for freight charges. The cost of the merchandise sold was $354,500. 1. 2. On December 8, Grouper Co. was granted an allowance of $29,400 for merchandise purchased on December 3. 3. On December 13, Sheridan Company received the balance due from Grouper Co. (a) Prepare the journal entries to record these transactions on the books of Sheridan Company using a perpetual inventory system. (List all debit entries before credit entries. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 3 Accounts Receivable 613400 Sales Revenue 613400 (To record credit sale) (To record cost of merchandise sold)
The following transactions are for Wildhorse Company. 1. On December 3, Wildhorse Company sold $584,300 of merchandise to Swifty Co., on account, terms 2/10, n/30, FOB destination. Wildhorse paid $370 for freight charges. The cost of the merchandise sold was $359,300. 2. On December 8, Swifty Co. was granted an allowance of $21,300 for merchandise purchased on December 3. 3. On December 13, Wildhorse Company received the balance due from Swifty Co. 1. Prepare the journal entries to record these transactions on the books of Wildhorse Company using a perpetual inventory system 2. Assume that Wildhorse Company received the balance due from Swifty Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.
The following transactions are for Windsor Company. 1. On December 3, Windsor Company sold $475,800 of merchandise to Wildhorse Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $326,400. 2. On December 8, Wildhorse Co. was granted an allowance of $22,200 for merchandise purchased on December 3. 3. On December 13, Windsor Company received the balance due from Wildhorse Co. (a) Prepare the journal entries to record these transactions on the books of Windsor. Windsor uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date 1 く Account Titles and Explanation (To record sale of merchandise on account) 2. (To record cost of merchandise sold on account) 3. く Debit Credit (b) Assume that Windsor Company received the balance due from Wildhorse Co. on January 2 of the following year instead of…
Presented below are transactions related to Splish Brothers Inc.. 1. On December 3, Splish Brothers Inc. sold $586,700 of merchandise on account to Sheffield Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $391,300. 2. On December 8, Sheffield Co. was granted an allowance of $28,000 for merchandise purchased on December 3. 3. On December 13, Splish Brothers Inc. received the balance due from Sheffield Co. Prepare the journal entries to record these transactions on the books of Splish Brothers Inc. using a perpetual inventory system.
The following transactions are for Shamrock Company. 1. On December 3, Shamrock Company sold $533,400 of merchandise to Pharoah Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $312,100. On December 8, Pharoah Co. was granted an allowance of $24,700 for merchandise purchased on December 3. 3. On December 13, Shamrock Company received the balance due from Pharoah Co. 2. N Prepare the journal entries to record these transactions on the books of Shamrock Company. Shamrock uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation No. 1. Date Debit Credi
The following transactions are for Kingbird Company. 1. On December 3, Kingbird Company sold $521,300 of merchandise to Blossom Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $313,500. 2. On December 8, Blossom Co. was granted an allowance of $23,400 for merchandise purchased on December 3. 3. On December 13, Kingbird Company received the balance due from Blossom Co. (a)Prepare the journal entries to record these transactions on the books of Kingbird. Kingbird uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Choose a transaction date for number 1 Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for journal entry 1 to record credit…
Presented below are transactions related to Star Company. On June 4, Star Company sold OMR670,000 of merchandise to Ahmed Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was OMR450,000. On June 9, Ahmed Co. was granted an allowance of OMR30,000 for merchandise purchased on June 4. On June 14, Star Company received the balance due from Ahmed Co. Instructions: Prepare the journal entries to record these transactions on Star Company’ records. using a perpetual inventory system. Assume that Star Company received the balance due from Ahmed Co. on July 2 of the following year instead of June 14. Prepare the journal entry to record the receipt of payment on July 2.
Current Attempt in Progress Presented below are transactions related to Concord Corporation. On December 3, Concord Corporation sold $662,200 of merchandise on account to Sarasota Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $351,200. On December 8, Sarasota Co. was granted an allowance of $26,600 for merchandise purchased on December 3. 3. On December 13, Concord Corporation received the balance due from Sarasota Co. 1. 2. (a) ✓ Your answer is correct. Prepare the journal entries to record these transactions on the books of Concord Corporation 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 O for the amounts.) Date Dec. 3 Account Titles and Explanation Accounts Receivable norcal_archives_20....zip W QCA 5.docx W Debit 662,200 response essay.docx Credit

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

Cookie Policy

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

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.