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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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