Account Titles and Explanation Accounts Recelvable Debit Credit (Tokecord sales on account.) Cost of Coods Sold Deferred Gross Profit (To record cost of goods sold.) eTextbook and Media List of Accounts Save for Later Attempts: 3 of 15 used Submit Answer Current Attempt in Progress Pharoah Treasures Company selis home furnishings. On February 1, Pharoah Treasures entered into a contract with Simon Development Ltd. for home fumishings with a selling price of $68,000 and terms of n/30. The goods cost Pharoah $40,800. Pharoah Treasures has a stated return policy of 20 days from the date of sale and based on past transactions, management determines that returns are 5% of sales 65% of the time and 10% of sales 35% of the time. The goods were delivered to Simon Development on February 15. Pharoah Treasures uses the expected value method to estimate returns and the contract-based approach for revenue recognition. (b) Calculate the transaction price for this contract: Transaction price (c) The parts of this question must be completed in order. This part will be available when you complete the part above