9 journel entries

Pharoah Supply Co. has the following transactions: Nov. 1 Loaned $66,000 cash to A. Morgan on a one-year, 8 % note. 15 Sold goods to H. Giorgi on account for $12,000, terms n/30. The goods cost Pharoah $7,50 Dec. 1 Sold goods to Wrightman, Inc., receiving a $21,600, three-month, 6 % note. The goods cost 15 H. Giorgi was unable to pay her account. Giorgi.gave Pharoah a six-month, 7% note in settle 31 Accrued interest revenue on all notes receivable. Interest is due at maturity Mar. 1 Collected the amount owing on the Wrightman note. June 15 H. Giorgi defaulted on the note. Future payment is expected Pharoah Supply Co. has the following transactions: a one-year, 8% note . $12,000, terms n/30. The goods cost Pharoah $7,500. Pharoah uses the perpetual inventory system. g a $21,600, three-month, 6% note. The goods cost Pharoah $14,400. t. Giorgi gave Pharoah a six-month, 7 % note in settlement of her account. eceivable. Interest is due at maturity ightman note. payment is expected. Record the transactions for Pharoah Supply Co. Pharoah Supply Co. has no stated return policy. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Notes Receivable-Morgan 66,000 Cash (Lend cash in exchange for a note.) Accounts Receivable-Giorgi 12000 Sales (To record sales on account.) Notes Receivable- Wrightman 21600 Sales (To record cost of goods sold.) Notes Receivable-Giorgi 12000 Accounts Receivable-Giorgi (To record sales in exchange for a note receivable.) Notes Receivable- Morgan 60,000 Sales (To record cost of goods sold.) Accounts Receivable- Giorgi 12000 Notes Receivable-Giorgi (Accept note for accounts receivable.) Interest Receivable 1023 Interest Revenue (Accrue interest earned.) Cash Notes Receivable -Wrightman 26000 Interest Receivable 108 Interest Revenue 260 (To record collection of note receivable and interest.) Accounts Receivable-Giorgi 12420 Notes Receivable-Giorgi Interest Receivable 35 Interest Revenue 385 (To record dishonouring of note where collection is expected.)