Presented below are transactions related toPharoahCompany.

1.On December 3,PharoahCompany sold $606,000of merchandise on account toFlounderCo., terms3/10, n/30, FOB destination.Pharoahpaid $380for freight charges. The cost of the merchandise sold was $384,100.2.On December 8,FlounderCo. was granted an allowance of $29,500for merchandise purchased on December 3.3.On December 13,PharoahCompany received the balance due fromFlounderCo.

Prepare the journal entries to record these transactions on the books ofPharoahCompany 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

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(To record credit sale)

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(To record cost of merchandise sold)

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(To record freight charges)

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