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Weygandt, Financial Accounting, 10e RESOURCES Brief Exercise 5-4 Chap S Prepare the journal entries to record the following transactions on Pharoah Company's books using a perpetual inventory system. On March 2, Pharoah Company sold $906,000 of merchandise on account to Riverbed Company, terms 2410, n/30. The cost of the merchandise sold was $583,000. (Credit ac no entry is required, select "No Entry" for the account titles and enter o for the amounts.) trer o for the Account Titles and Explanation Credit Review Store Review Results bby Study Obiective Accounts Receivable 906,000 Sales Revenue To record credr sale) Cost of Goods Sold 906,000 583,000 583,000 To record cost of merchandse sold) On March 6, Riverbed Company returned $90,600 of the merchandise purchased on March 2. The cost of the returned merchandise was $58,300. (Credit account titles are a required, select No Entry for the account titles and enter Account Titles and Explanation Sales Returns and Allowances for the amounts.) Debit Credit 90,600 Accounts Rceivable (To record eerchandse returned 58, Cost of Goods Sold (To record cost ot merchandise returned On March 12, Pharoah Company received the balance due from Riverbed Company, ( for the amounts. Credit account tities are automaticaily indented when amount is entered. Do not h Account Titles and Explanation Debit Credit Sales Discounts P223 hp