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Question 1 of 1 - / 30 current Attempt in Progress Pharoah Company's balance sheet at December 31, 2021, is presented below. Pharoah Company Balance Sheet December 31, 2021 Cash $13,720 Accounts payable Accounts receivable 20,500 Common stock Allowance for doubtful accounts (780) Retained earnings Inventory 9.550 $42.990 $8,680 20,700 13,610 $42.990 During January 2022, the following transactions occurred. Pharoah uses the perpetual inventory method. Jan. 1 3 8 11 15 Pharoah accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $4,800 account Pharoah wrote off as uncollectible the accounts of Walter Corporation ($500) and Drake Company ($300). Pharoah purchased $16,380 of inventory on account. Pharoah sold for $25.800 on account inventory that cost $16,470. Pharoah sold inventory that cost $670 to Jack Rice for $900. Rice charged this amount on his Visa First Bank card. The service fee charged Pharoah by First Bank is 3%. Pharoah collected $21,600 from customers on account Pharoah paid $17,600 on accounts payable, Pharoah received payment in full ($300) from Drake Company on the account written off on January 3 Pharoah purchased advertising supplies for $1.280 cash, Pharoah paid other operating expenses, $3,260 17 21 24 27 31 Adjustment data: 1. 2. 3. Interest is recorded for the month on the note from January 1. Bad debts are expected to be 6% of the January 31, 2022, accounts receivable. A count of advertising supplies on January 31, 2022, reveals that $540 remains unused. The income tax rate is 30%. (Hint: Prepare the income statement up to Income before taxes and multiply by 30% to compute the amount: round to whole dollars.) 4. perpetual inventory system.) (Round answers to 0 decimal places, e g. 1,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation (To record sales revenues.) (To record cost of goods sold.) B Question 1 of (To record sales revenues and service charges.) (To record cost of goods sold.) (To reverse allowance for doubtfuldebts.) (To record cash received from Drake Company.) (To record cash received from Drake Company.) (1) (2) (3) (4)