Question 6 of 10

Phyroah Company buys merchandise on account from Shamrock Company. The selling price of the goods is $975 and the cost of the goods sold is $5%0. Both companies use perpetual imventory systems. Journalize the transactions on the books of both companies. Of no entry is regulred, seiect Wo Entry for the occount tides and enter Ofor the anounts. Onedit occount tilles are eutomatically indented when omoent is entered, Do not indent manually. List all debit entries before credit entries) The adjusted trial balance of Ivanhoe Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2025: Sales Reverue $904,700, Frelght-Out $12,500, Sales Returns and Allowances $20,900, and Sales Discounts $14,700. Prepare the sales section of the income statement