Presented here are selected transactions for the Pharoah Company during April. Pharoah uses the perpetual inventory system. April 1: Sold merchandise to Mann Company for $6,400, terms 2/10, n/30. The merchandise sold had a cost of $2,600. April 2: Purchased merchandise from Wild Corporation for $7,800, terms 1/10, n/30. April 4: Purchased merchandise from Ryan Company for $1,000, n/30. April 10: Received payment from Mann Company for purchase of April 1 less appropriate discount. April 11: Paid Wild Corporation for April 2 purchase. Journalize the April transactions for Pharoah Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Presented here are selected transactions for the Pharoah Company during April. Pharoah uses the perpetual inventory system. April 1: Sold merchandise to Mann Company for $6,400, terms 2/10, n/30. The merchandise sold had a cost of $2,600. April 2: Purchased merchandise from Wild Corporation for $7,800, terms 1/10, n/30. April 4: Purchased merchandise from Ryan Company for $1,000, n/30. April 10: Received payment from Mann Company for purchase of April 1 less appropriate discount. April 11: Paid Wild Corporation for April 2 purchase. Journalize the April transactions for Pharoah Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Presented here are selected transactions for the Pharoah Company during April. Pharoah uses the perpetual inventory system.
April 1: Sold merchandise to Mann Company for $6,400, terms 2/10, n/30. The merchandise sold had a cost of $2,600.
April 2: Purchased merchandise from Wild Corporation for $7,800, terms 1/10, n/30.
April 4: Purchased merchandise from Ryan Company for $1,000, n/30.
April 10: Received payment from Mann Company for purchase of April 1 less appropriate discount.
April 11: Paid Wild Corporation for April 2 purchase.
Journalize the April transactions for Pharoah Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Transcribed Image Text:Date
00
Account Titles and Explanation
(To record credit sale)
(To record cost of good sold)
Debit
Credit
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