Prepare a tabular summary to record the following transactions on Pharoah Company's books using a perpetual inventory system. Include margin explanations for the changes in
Prepare a tabular summary to record the following transactions on Pharoah Company's books using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. a. b. C. On September 3, Sheridan Company sold $630,000 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost of the merchandise sold was $387,000. On September 6, Pharoah Company returned $81,000 of the merchandise purchased on September 3. The seller's cost of the merchandise returned was $54,000. On September 13, Pharoah Company paid the balance due to Sheridan Company.
Assets = Liabilities Accounts C Date Cash Inventory = Payable Sep. 3$ $ $ $ 6 13 Stockholders' Equity Retained Earnings Common Stock Rev. Exp. Div. $ $ $ Stockholders' Equity Retained Earnings Exp. $ Div. $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started