This information relates to Shamrock Co. 1. 2. 3. 4. 5. On April 5, purchased merchandise on account from Pharoah Company for $28,600, terms 4/10, n/30. On April 6, paid freight costs of $580 on merchandise purchased from Pharoah. On April 7, purchased equipment on account for $32,000. On April 8, returned $3,500 of April 5 merchandise to Pharoah Company. On April 15, paid the amount due to Pharoah Company in full.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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This information relates to Shamrock Co.
1.
2.
3.
4.
5.
(a)
On April 5, purchased merchandise on account from Pharoah Company for $28,600, terms 4/10, n/30.
On April 6, paid freight costs of $580 on merchandise purchased from Pharoah.
On April 7, purchased equipment on account for $32,000.
On April 8, returned $3,500 of April 5 merchandise to Pharoah Company.
On April 15, paid the amount due to Pharoah Company in full.
Prepare the journal entries to record the transactions listed above on Shamrock Co.'s books. Shamrock Co. uses a perpetual
inventory system. (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. Record journal entries in the order presented in the problem. List
all debit entries before credit entries.)
Date
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:This information relates to Shamrock Co. 1. 2. 3. 4. 5. (a) On April 5, purchased merchandise on account from Pharoah Company for $28,600, terms 4/10, n/30. On April 6, paid freight costs of $580 on merchandise purchased from Pharoah. On April 7, purchased equipment on account for $32,000. On April 8, returned $3,500 of April 5 merchandise to Pharoah Company. On April 15, paid the amount due to Pharoah Company in full. Prepare the journal entries to record the transactions listed above on Shamrock Co.'s books. Shamrock Co. uses a perpetual inventory system. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
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