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This information relates to Pharoah Co. 1. 2. 3. 4. 5. (a) On April 5, purchased merchandise from Flounder Company for $26,100 on account, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $950 on merchandise purchased from Flounder Company. On April 7, purchased equipment on account for $30,400. On April 8, returned $3,700 of the April 5 merchandise to Flounder Company. On April 15, paid the amount due to Flounder Company in full. Prepare the journal entries to record these transactions on the books of Pharoah Co. using a periodic 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 0 for the amounts.) Date Account Titles and Explanation Debit

This information relates to Pharoah Co. 1. 2. 3. 4. 5. (a) On April 5, purchased merchandise from Flounder Company for $26,100 on account, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $950 on merchandise purchased from Flounder Company. On April 7, purchased equipment on account for $30,400. On April 8, returned $3,700 of the April 5 merchandise to Flounder Company. On April 15, paid the amount due to Flounder Company in full. Prepare the journal entries to record these transactions on the books of Pharoah Co. using a periodic 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 0 for the amounts.) Date Account Titles and Explanation Debit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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This information relates to Pharoah Co. 1. 2. 3. 4. 5. (a) On April 5, purchased merchandise from Flounder Company for $26,100 on account, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $950 on merchandise purchased from Flounder Company. On April 7, purchased equipment on account for $30,400. On April 8, returned $3,700 of the April 5 merchandise to Flounder Company. On April 15, paid the amount due to Flounder Company in full. Prepare the journal entries to record these transactions on the books of Pharoah Co. using a periodic 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
Transcribed Image Text:This information relates to Pharoah Co. 1. 2. 3. 4. 5. (a) On April 5, purchased merchandise from Flounder Company for $26,100 on account, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $950 on merchandise purchased from Flounder Company. On April 7, purchased equipment on account for $30,400. On April 8, returned $3,700 of the April 5 merchandise to Flounder Company. On April 15, paid the amount due to Flounder Company in full. Prepare the journal entries to record these transactions on the books of Pharoah Co. using a periodic 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
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