The chart of accounts of Pharoah Company includes the following selected accounts. 112 Accounts Receivable 401 Sales Revenue 120 Inventory 412 Sales Returns and Allowances 126 Supplies 505 Cost of Goods Sold 157 Equipment 610 Advertising Expense 201 Accounts Payable In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price. July 1 Purchased merchandise from Eby Company $7,780. 2 Received freight bill from Shaw Shipping on Eby purchase $430. 3 Made sales to Fort Company $1,510 and to Hefner Bros. $1,700. 5 Purchased merchandise from Getz Company $3,240. 8 Received credit on merchandise returned to Getz Company $350. 13 Purchased store supplies from Dayne Supply $670. 15 Purchased merchandise from Eby Company $3,660 and from Bosco Company $4,320. 16 Made sales to Aybar Company $3,270 and to Hefner Bros. $1,860. 18 Received bill for advertising from Welton Advertisements $630. 21 Sales were made to Fort Company $260 and to Duncan Company $3,100. 22 Granted allowance to Fort Company for merchandise damaged in shipment $30. 24 Purchased merchandise from Getz Company $3,080. 26 Purchased equipment from Dayne Supply $740. 28 Received freight bill from Shaw Shipping on Getz purchase of July 24, $330. 30 Sales were made to Aybar Company $5,630. (a) Journalize the transactions above in a purchases journal, a sales journal, and a general journal. (Record entries in the order displayed in the problem statement.) Purchases Journal P1 Date Account Credited (Debited) Ref. Accounts Payable Cr. Inventory Dr. Other Accounts Dr. Choose a transaction date Select an account title √ Enter a dollar amount Enter a dollar amount Enter a dollar amount Choose a transaction date Select an account title √ Enter a dollar amount Enter a dollar amount Enter a dollar amount Choose a transaction date Select an account title

The chart of accounts of Pharoah Company includes the following selected accounts. 112 Accounts Receivable 401 Sales Revenue 120 Inventory 412 Sales Returns and Allowances 126 Supplies 505 Cost of Goods Sold 157 Equipment 610 Advertising Expense 201 Accounts Payable In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price. July 1 Purchased merchandise from Eby Company $7,780. 2 Received freight bill from Shaw Shipping on Eby purchase $430. 3 Made sales to Fort Company $1,510 and to Hefner Bros. $1,700. 5 Purchased merchandise from Getz Company $3,240. 8 Received credit on merchandise returned to Getz Company $350. 13 Purchased store supplies from Dayne Supply $670. 15 Purchased merchandise from Eby Company $3,660 and from Bosco Company $4,320. 16 Made sales to Aybar Company $3,270 and to Hefner Bros. $1,860. 18 Received bill for advertising from Welton Advertisements $630. 21 Sales were made to Fort Company $260 and to Duncan Company $3,100. 22 Granted allowance to Fort Company for merchandise damaged in shipment $30. 24 Purchased merchandise from Getz Company $3,080. 26 Purchased equipment from Dayne Supply $740. 28 Received freight bill from Shaw Shipping on Getz purchase of July 24, $330. 30 Sales were made to Aybar Company $5,630. (a) Journalize the transactions above in a purchases journal, a sales journal, and a general journal. (Record entries in the order displayed in the problem statement.) Purchases Journal P1 Date Account Credited (Debited) Ref. Accounts Payable Cr. Inventory Dr. Other Accounts Dr. Choose a transaction date Select an account title √ Enter a dollar amount Enter a dollar amount Enter a dollar amount Choose a transaction date Select an account title √ Enter a dollar amount Enter a dollar amount Enter a dollar amount Choose a transaction date Select an account title

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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112	Accounts Receivable	401	Sales Revenue
120	Inventory	412	Sales Returns and Allowances
126	Supplies	505	Cost of Goods Sold
157	Equipment	610	Advertising Expense
201	Accounts Payable

July 1		Purchased merchandise from Eby Company $7,780.
2		Received freight bill from Shaw Shipping on Eby purchase $430.
3		Made sales to Fort Company $1,510 and to Hefner Bros. $1,700.
5		Purchased merchandise from Getz Company $3,240.
8		Received credit on merchandise returned to Getz Company $350.
13		Purchased store supplies from Dayne Supply $670.
15		Purchased merchandise from Eby Company $3,660 and from Bosco Company $4,320.
16		Made sales to Aybar Company $3,270 and to Hefner Bros. $1,860.
18		Received bill for advertising from Welton Advertisements $630.
21		Sales were made to Fort Company $260 and to Duncan Company $3,100.
22		Granted allowance to Fort Company for merchandise damaged in shipment $30.
24		Purchased merchandise from Getz Company $3,080.
26		Purchased equipment from Dayne Supply $740.
28		Received freight bill from Shaw Shipping on Getz purchase of July 24, $330.
30		Sales were made to Aybar Company $5,630.

(a)

Journalize the transactions above in a purchases journal, a sales journal, and a general journal. (Record entries in the order displayed in the problem statement.)

Purchases Journal
					P1
Date	Account Credited (Debited)	Ref.	Accounts Payable Cr.	Inventory Dr.	Other Accounts Dr.
Choose a transaction date

	Select an account title

Choose a transaction date
	√	Enter a dollar amount		Enter a dollar amount		Enter a dollar amount

	Select an account title

Choose a transaction date
	√	Enter a dollar amount		Enter a dollar amount		Enter a dollar amount

	Select an account title

Choose a transaction date
	√	Enter a dollar amount		Enter a dollar amount		Enter a dollar amount

	Select an account title

Choose a transaction date
	126/√	Enter a dollar amount		Enter a dollar amount		Enter a dollar amount

	Select an account title

Choose a transaction date
	√	Enter a dollar amount		Enter a dollar amount		Enter a dollar amount

	Select an account title

Choose a transaction date
	√	Enter a dollar amount		Enter a dollar amount		Enter a dollar amount

	Select an account title

Choose a transaction date
	610/√	Enter a dollar amount		Enter a dollar amount		Enter a dollar amount

	Select an account title

Choose a transaction date
	√	Enter a dollar amount		Enter a dollar amount		Enter a dollar amount

	Select an account title

Choose a transaction date
	157/√	Enter a dollar amount		Enter a dollar amount		Enter a dollar amount

	Select an account title

√	Enter a dollar amount		Enter a dollar amount		Enter a dollar amount
		Enter a total amount for this column		Enter a total amount for this column		Enter a total amount for this column
		(201)		(120)		(X)

Sales Journal
				S1
Date	Account Debited	Ref.	Accounts Receivable Dr. Sales Revenue Cr.	Cost of Goods Sold Dr. Inventory Cr.
Choose a transaction date

	Select an account title

Choose a transaction date
	√	Enter a dollar amount		Enter a dollar amount

	Select an account title

Choose a transaction date
	√	Enter a dollar amount		Enter a dollar amount

	Select an account title

Choose a transaction date
	√	Enter a dollar amount		Enter a dollar amount

	Select an account title

Choose a transaction date
	√	Enter a dollar amount		Enter a dollar amount

	Select an account title

Choose a transaction date
	√	Enter a dollar amount		Enter a dollar amount

	Select an account title

Choose a transaction date
	√	Enter a dollar amount		Enter a dollar amount

	Select an account title

√	Enter a dollar amount		Enter a dollar amount
		Enter a total amount for this column		Enter a total amount for this column
		(112)(401)		(505)(120)

(Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Choose a transaction date

Choose a transaction date
	Select an account title	Enter a debit amount	Enter a credit amount
	Select an account title	Enter a debit amount	Enter a credit amount

	Select an account title	Enter a debit amount	Enter a credit amount
	Select an account title	Enter a debit amount	Enter a credit amount

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