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Current Attempt in Progress Use a tabular summary to record the following transactions for Pharoah Company using a perpetual inventory system. Include margin explanations for
Current Attempt in Progress Use a tabular summary to record the following transactions for Pharoah Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) On March 2. Pharoah Company sold $720,000 of merchandise to Cullumber Company on account. The cost of the merchandise sold was $486,000. (b) On March 6, Cullumber Company returned \$126,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $84,600. (c) On March 12. Pharoah Company received the balance due from Cullumber Company. (Enter negutive amounts using either a negutive sign preceding the number es -45 or parentheses es: (45).)
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