Record the following transactions on the books of Pharoah Co. (Credit account titles are automatically indented when amount is entere Do not indent manually.) a. b. C. On July 1, Pharoah Co. sold merchandise on account to Waegelein Inc. for $16,600, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $5,300 to Pharoah Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit Credit

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5EA: Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises....
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Record the following transactions on the books of Pharoah Co. (Credit account titles are automatically indented when amount is entered.
Do not indent manually.)
a.
b.
C.
a.
b.
С.
On July 1, Pharoah Co. sold merchandise on account to Waegelein Inc. for $16,600, terms 4/10, n/30.
On July 8, Waegelein Inc. returned merchandise with a sales price of $5,300 to Pharoah Co.
On July 11, Waegelein Inc. paid the balance due.
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Record the following transactions on the books of Pharoah Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. b. C. a. b. С. On July 1, Pharoah Co. sold merchandise on account to Waegelein Inc. for $16,600, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $5,300 to Pharoah Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit Credit
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