Chapter 6 Homework

This information relates to Pharoah Co. 1. 2. 3 On April 5, purchased merchandise from Cullumber Company for $32,000 on account. On April 7. purchased equipment on account for $33,600. On April 8, returned $4,400 of April 5 merchandise to Cullumber Company On April 15. paid the amount due to Cullumber Company in full. Prepare a tabular summary to record the transactions listed above for Pharoah Cousing a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses es (451) Assets Llal Cash Inv. Equipment April 5 $ N 8 15 1. This information relates to Pharoah Co. On April 5. purchased merchandise from Cullumber Company for $32,000 on account. 2. On April 7, purchased equipment on account for $33,600. 3. On April 8, returned $4,400 of April 5 merchandise to Cullumber Company On April 15, paid the amount due to Cullumber Company in full. 4 Prepare a tabular summary to record the transactions listed above for Pharoah Co. using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number eg -45 or parentheses eg. (451) Liabilities Stockholders' Equity Retained Earnings Exp. Accts. Pay. Common Stock Rev. $ 1 This information relates to Pharoah Co. On April 5, purchased merchandise from Cullumber Company for $32,000 on account. 2. On April 7 purchased equipment on account for $33,600. 3. On April 8, returned $4.400 of April 5 merchandise to Cullumber Company, 4. On April 15, paid the amount due to Cullumber Company in full. Prepare a tabular summary to record the transactions listed above for Pharoah Co. using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (451) Stockholders' Equity Retained Earnings Exp Common Stock Rev. >