Please scroll down and complete the "Pharoah Company Worksheet". Everything in red is attempted answers and the answers are incorrect. I have provided so additional pictures for help completing the worksheet.

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Accounting Cycle Review 7-01 a1-f2 Pharoah Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Pharoah are indicated in the working papers. Presented below are a series of transactions for Pharoah Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account Number 101 112 115 120 126 130 Account Title Cash Accounts Receivable Notes Receivable Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Owner's Capital January 1 Opening Balance $38,250 12.300 42,000 15,500 1,500 2,000 8,700 1,600 157 158 37,000 201 301 81,650 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R. Beltre $1,600 B. Santos 7,300 S. Mahay 3,400 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance S. Meek $9.000 R. Moses 17,000 D. Saito 11,000 Jan. 3 5 8 9 9 10 11 12 13 15 15 16 17 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $2,000, invoice no. 511. Purchase merchandise from S. Gamel $6,000 and D. Posey S2,900, terms n/30. Receive checks from S. Mahay $3,400 and B. Santos $2,000 after discount period has lapsed. Pay freight on merchandise purchased $225. Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $11,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. Daily cash sales from January 1 to January 10 total $17,500. Make one journal entry for these sales. Sell merchandise on account to R. Beltre $1,600, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,400 for January, Receive payment in full from B. Corpas and J. Revere less cash discounts. Withdraw 5800 cash by M. Pharoah for personal use. Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,600, terms 2/10, n/30; and S. Gamel $1,600, terms n/30. Pay $400 cash for office supplies. Return $300 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $22,100. Make one journal entry for these sales. Issue $17,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,900, invoice no. 514, and to R. Beltre $2,500, invoice no. 515. Post all entries to the subsidiary ledgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3,900, invoice no. 516, and to 3. Revere 56,100, invoice no. 517. Purchase merchandise from D. Saito $15,000, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,700, terms n/30. Post all entries to the subsidiary ledgers. Pay $200 cash for office supplies. Daily cash sales from January 21 to January 31 total $23,700. Make one journal entry for these sales. Pay sales salaries $4,900 and office salaries $3,800. 18 20 21 21 22 22 23 25 27 27 28 31 31 General Ledger Cash No. 101 Balance Date Explanation Ref. Debit Credit Jan. 1 Balance 38250 31 CR1 74580 112830 31 CP1 59309 53521 No. 112 Accounts Receivable Date Explanation Ref. Debit Credit Balance Jan. 1 Balance V 12300 31 Si 23300 35600 31 CR1 11400 24200 9 G1 300 23900 Notes Receivable Date Explanation No. 115 Balance Ref. Debit Credit V 42000 Jan. 1 Balance Inventory Date Explanation No. 120 Balance Ref. Debit Credit Jan. 1 Balance 15500 31 P1 63100 78600 31 S1 13980 64620 31 CR1 37980 26640 8 CP1 225 26865 31 CP1 716 26149 9 G1 180 26329 18 G1 300 26029 Supplies Date No. 125 Balance Explanation Ref. Debit Credit Jan. 1 Balance 1500 31 CP1 600 2100 Prepaid Insurance Date Explanation No. 130 Balance Ref. Debit Credit Jan. 1 Balance V 2000 Equipment Date No. 157 Balance Explanation Ref. Debit Credit Jan. 1 Balance 8700 No. 158 Ref. Debit Credit Balance 1600 No. 200 Accumulated Depreciation Equipment Date Explanation Jan. 1 Balance Notes Payable Date Explanation Jan. 21 Accounts Payable Date Explanation Ref. Debit Credit Balance G1 17000 17000 No. 201 Ref. Debit Credit Balance Jan. 1 Balance 37000 31 P1 63100 100100 > 31 CP1 48300 51800 > 18 G1 300 51500 1> 21 G1 17000 34500 No. 301 Balance Ref. Debit Credit 81650 No. 306 Owner's Capital Date Explanation Jan. 1 Balance Owner's Drawings Date Explanation Jan 15 Sales Revenue Date Explanation Jan. 31 Ref. Debit Credit Balance CP1 800 800 No, 401 Ref. Debit Credit Balance > S1 23300 23300 31 CR1 63300 86600 Sales Returns and Allowances Date Explanation No. 412 Balance Ref. Debit Credit Jan. 9 G1 300 300 No. 414 Balance Ref. Debit Credit > Sales Discounts Date Explanation Jan. 31 Cost of Goods Sold Date Explanation CR1 121 121 No. 505 Ref. Debit Credit Balance Jan. 31 S1 13980 13980 31 CR1 37980 51960 9 G1 180 51780 Salaries and Wages Expense Date Explanation No. 627 Balance Ref. Debit Credit Jan. 31 CP1 8700 8700 No. 729 Rent Expense Date Explanation Ref. Debit Credit Balance Jan. 12 CP1 1400 1400 Accounts Receivable Subsidiary Ledger R. Beltre Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 1600 11 S1 1600 3200 22 S1 2500 5700 J. Revere Date Explanation Ref. Debit Credit Balance Jan. 3 S1 2000 2000 > 9 G1 300 1700 S 13 CR1 1700 SH 25 S1 6100 6100 B. Santos Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 7300 7 CR1 2000 5300 25 S1 3900 9200 S. Mahey Date Explanation Ref. Debit Credit Balance > Jan. 1 Balance V 3400 > 7 CR1 3400 S 11 S1 900 900 21 CR1 900 B. Corpas Date Explanation Ref. Debit Credit Balance > Jan. 3 S1 3400 3400 13 CR1 3400 22 S1 2900 2900 Accounts Payable Subsidiary Ledger Accounts Payable Subsidiary Ledger D. Posey Date Explanation Ref. Debit Credit Balance X Jan. 5 P1 3300 3300 x 27 P1 3300 7000 S. Meek Explanation Date Ref. Debit Credit Balance > Jan. 1 Balance 9000 2 > 9 CP1 9000 16 P1 14600 14600 18 G1 300 14300 23 OP1 14300 R Moses Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 17000 21 G1 17000 D. Saito Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 11000 9 CP1 11000 > > 16 P1 14000 14000 23 OP1 14000 27 P1 15000 15000 S. Gamel Date Explanation Ref. Debit Credit Balance 97 Jan. 5 P1 6000 6000 16 P1 7 1 1600 7600 27 P1 5700 13300 Your answer is partially correct. Try again. 1 Prepare a trial balance at January 31, 2020, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information. Office supplies at January 31 total $1,000. Insurance coverage expires on October 31, 2020. 3. Annual depreciation on the equipment is $1,800. Interest of $50 has accrued on the note payable. 2 4 PHAROAH COMPANY Worksheet For the Month Ended January 31, 2020 Adjusted Adjustments Trial Balance Cr. Dr Trial Balance Income Statement Balance Sheet Account Titles Dr Cr. Dr. Cr. Dr. Cr. Dr. Cr. Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 14 Cash 53521 53521 53521 Accounts Receivable 23900 23900 23900 M V M Notes Receivable 42000 42000 42000 X M X X Inventory 49789 49789 67675 Supplies 2100 1100 1000 1000 M I Prepaid Insurance 2000 200 1800 1800 M Equipment 8700 8700 8700 x X Accum. Depreciation Equipment 1600 150 28020 1600 Notes Payable 17000 17000 17000 Accounts Payable 34500 34500 34500 M ! Interest Payable 50 50 50 M Owner's Capital 81650 81650 81650 Owner's Drawings 800 800 800 Sales Revenue 86600 86600 86600 Sales Returns and Allowances 300 300 300 Sales Discounts 120 120 120 x x X Cost of Goods Sold 28020 0 28020 V Salaries and Wages Expense 8700 8700 8700 ! Rent Expense 1400 1400 1400 Totals 221350 221350 Supplies Expense 1100 1100 1100 Insurance Expense 200 200 200 X x Depreciation Expense 1800 1800 1800 Interest Expense 50 50 50 X Totals 3150 181510 181510 24230 81200 221870 164900 x x Net Income 56970 56970 X x! x x Totals 81200 81200 221870 221870