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Pharoah Company buys merchandise on account from Shamrock Company. The selling price of the goods is $1,385 and the cost of the goods sold
Pharoah Company buys merchandise on account from Shamrock Company. The selling price of the goods is $1,385 and the cost of the goods sold is $650. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Pharoah Company Debit Credit Shamrock Company (To record sale of merchandise on account)
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