The following transactions are for Shamrock Company On December 3, Shamrock Company sold $517,600 of merchandise to Pharoah Co, on account, terms 1/10, r/30. The cost of the merchandise sold was $319,300. On December 8, Pharoah Co. was granted an allowance of $24,000 for merchandise purchased on December 3. On December 13, Shamrock Company received the balance due from Pharoah Co. 1. 2 3.
The following transactions are for Shamrock Company On December 3, Shamrock Company sold $517,600 of merchandise to Pharoah Co, on account, terms 1/10, r/30. The cost of the merchandise sold was $319,300. On December 8, Pharoah Co. was granted an allowance of $24,000 for merchandise purchased on December 3. On December 13, Shamrock Company received the balance due from Pharoah Co. 1. 2 3.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following transactions are for Shamrock Company.
On December 3, Shamrock Company sold $517,600 of merchandise to Pharoah Co, on account, terms 1/10, n/30. The cost of
the merchandise sold was $319,300
On December 8, Pharoah Co. was granted an allowance of $24,000 for merchandise purchased on December 3.
On December 13, Shamrock Company received the balance due from Pharoah Co.
1.
2
3.
Transcribed Image Text:Assume that Shamrock Company received the balance due from Pharoah 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. (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
Date
eTextbook and Media
List of Accounts
Debit
Credit
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