Question
Prepare the journal entries to record the following purchase transactions in Pharoah Companys books. Pharoah uses a perpetual inventory system. Mar. 12 Pharoah purchased $22,000
Prepare the journal entries to record the following purchase transactions in Pharoah Companys books. Pharoah uses a perpetual inventory system.
Mar. 12 | Pharoah purchased $22,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB destination. | |
13 | The correct company paid freight costs of $205. | |
14 | Pharoah returned $2,600 of the merchandise purchased on March 12 because it was damaged. | |
21 | Pharoah paid the balance owing to Dalibor. |
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
choose a transaction date Mar. 12Mar. 13Mar. 14Mar. 21 | enter an account title to record purchase on account | enter a debit amount | enter a credit amount |
enter an account title to record purchase on account | enter a debit amount | enter a credit amount | |
(To record purchase on account.) | |||
choose a transaction date Mar. 12Mar. 13Mar. 14Mar. 21 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Mar. 12Mar. 13Mar. 14Mar. 21 | enter an account title to record purchase return | enter a debit amount | enter a credit amount |
enter an account title to record purchase return | enter a debit amount | enter a credit amount | |
(To record purchase return.) | |||
choose a transaction date Mar. 12Mar. 13Mar. 14Mar. 21 | enter an account title to record payment on account | enter a debit amount | enter a credit amount |
enter an account title to record payment on account | enter a debit amount | enter a credit amount | |
enter an account title to record payment on account | enter a debit amount | enter a credit amount | |
(To record payment on account.) |
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