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View Policies Current Attempt in Progress The following transactions are for Pharoah Company. On December 3, Pharoah Company sold $560,000 of merchandise to Sheridan Co. on account. The cost of the merchandise sold was $369,600. On December 8, Sheridan Co. returned $28,000 of merchandise purchased on December 3. The cost of the goods was $17.920. On December 13, Pharoah Company received the balance due from Sheridan Co. 1. 2. 3. Prepare a tabular summary to record these transactions for Pharoah Company using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) Assets Accts. Rec. Date Cash Inventory Dec 3 $ $ $ 8 13 Save for Later Attempts: 0 of 1 used Submit Answer View Policies Current Attempt in Progress The following transactions are for Pharoah Company. 1. On December 3, Pharoah Company sold $560,000 of merchandise to Sheridan Co.on account. The cost of the merchandise sold was $369,600. 2. On December 8, Sheridan Co. returned $28,000 of merchandise purchased on December 3. The cost of the goods was $17.920. On December 13, Pharoah Company received the balance due from Sheridan Co. 3. Prepare a tabular summary to record these transactions for Pharoah Company using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) Liabilities Stockholders' Equity Retail Accts. Pay. Common Stock Rev. $ $ Save for Later Attempts: 0 of 1 used Submit Answer Attempt in progr Use a tabular summary to record the following transactions for Sheridan Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) (b) On March 2, Sheridan Company sold $912,000 of merchandise to Crane Company on account. The cost of the merchandise sold was $615,600. On March 6, Crane Company returned $159,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $107,160. On March 12, Sheridan Company received the balance due from Crane Company. (c) (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets Cash Accts. Rec. Inv. a) Mar 2 $ $ b) 6 c) 12 Use a tabular summary to record the following transactions for Sheridan Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) (b) On March 2, Sheridan Company sold $912,000 of merchandise to Crane Company on account. The cost of the merchandise sold was $615,600. On March 6, Crane Company returned $159,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $107,160. On March 12, Sheridan Company received the balance due from Crane Company. (c) (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Liabilities Stockholders' Equity Retained Earni Exp. Accts. Pay. Common Stock Rev. Whispering Winds Company buys merchandise on account from Ayayai Company for $700. Whispering Winds sells the goods to Ellis for $1,062 cash.Use a tabular summary to record the transactions for Whispering Winds Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e-g.-45 or parentheses e.g. (45).) Assets Liabilities Accts. Pay. Com Sto: Cash Iny. Whispering Winds Company buys merchandise on account from Ayayai Company for $700. Whispering Winds sells the goods to Ellis for $1,062 cash. Use a tabular summary to record the transactions for Whispering Winds Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Stockholders' Equity Retained Earnings common Stock Rev. Exp. + Save for Later Attempts: 0 of 1 used Submit
