Ivanhoe Company sells goods to Pharoah Inc. by accepting a note receivable on January 2 , 2
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Question:
Ivanhoe Company sells goods to Pharoah Inc. by accepting a note receivable on January The goods have a sales price of
$cost of $ The terms are net If Pharoah pays within days, however, it receives a cash discount of $
Past history indicates that the cash discount will be taken. On January Pharoah makes payment to Ivanhoe for the full sales
price.
a
Prepare the journal entries to record the sale and related cost of goods sold for Ivanhoe Company on January and the
payment on January Assume that Ivanhoe Company records the January transaction using the net method.
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 for the amounts. List all debit entries before credit entries. Record journal entries in the order
presented in the problem.
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