Question 21 of 29 ../9 View Policies Current Attempt in Progress The following transactions are for Pharoah Company (1) On December 3 Pharoah Company sold $492,000 of merchandise to Thomson Co. terms 1/10./30. The cost of the merchandise sold was $320,000 (2) On December 8 Thomson Co. was granted an allowance of $20,000 for merchandise purchased on December 3, (3) On December 13 Pharoah Company received the balance due from Thomson Co. Prepare the journal entries to record these transactions on the books of Pharoah Company. Pharoah uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Debit Credit Dec. 3 492.000 Account Titles and Explanation Accounts Receivable Sales Revenue (To record credt sale) Cost of Goods Sold 492,000 Sec. 3 320,000 320.000 Inventory (To record cost of good sold) Sales Returns and Allowances 20,000 Dec 8 20,000 Accounts Receivable 467.280 Cash 4.720 Sales Discounts Accounts Recevable 4.720 Accounts Receivable 472.000 Attempts: 1 of 1 used (b) Assume that Pharoah Company received the balance due from Thomson Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2 (Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Jan. 2 Debit Credit