Presented below are transactions related to Pharoah Company. 1. On December 3, Pharoah Company sold $606,000 of merchandise on account to Flounder Co., terms 3/10, 1/30, FOB destination. Pharoah paid $380 for freight charges. The cost of the merchandise sold was $384,100. On December 8. Flounder Co. was granted an allowance of $29.500 for merchandise purchased on December 3. On December 13, Pharoah Company received the balance due from Flounder Co. 2 3. Prepare the journal entries to record these transactions on the books of Pharoah Company using a perpetual inventory system (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) (To record freight charges) (To record freight charges)