Question 7 Pharoah Companys chart of accounts includes the following selected accounts. 101 Cash 401 Sales Revenue 112 Accounts Receivable 414 Sales Discounts 120 Inventory 505 Cost of Goods Sold 301 Owners Capital On April 1, the accounts receivable ledger of Pharoah Company showed the following balances: Morrow $1,570, Rose $1,220, Jennings Co. $2,900, and Dent $2,150. The April transactions involving the receipt of cash were as follows. Apr. 1 The owner, T. Pharoah, invested additional cash in the business $7,220. 4 Received check for payment of account from Dent less 2% cash discount. 5 Received payment in full for $940 from Jennings Co for invoice no. 307. 8 Made cash sales of merchandise totaling $7,260. The cost of the merchandise sold was $4,356. 10 Received payment in full for $625 from Morrow for invoice no. 309. 11 Received cash refund from a supplier for damaged merchandise $715. 23 Received payment in full for $1,140 from Jennings Co. for invoice no. 310. 29 Received check for payment of account from Rose (no cash discount allowed). (a) Journalize the transactions above in a six-column cash receipts journal and cross-foot the journal. (Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. 5,275.) Cash Receipts Journal CR1 Date Account Credited Ref. Cash Dr. Sales Discounts Dr. Accounts Receivable Cr. Sales Revenue Cr. Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr. choose a transaction date select an account credited 301 enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount choose a transaction date select an account credited enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount choose a transaction date select an account credited enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount choose a transaction date select an account credited enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount choose a transaction date select an account credited enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount choose a transaction date select an account credited 120 enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount choose a transaction date select an account credited enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount choose a transaction date select an account credited enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount enter a total amount enter a total amount enter a total amount enter a total amount enter a total amount enter a total amount (101) (414) (112) (401) (X) (505)(120) (b) Insert the beginning balances in the Accounts Receivable control and subsidiary accounts, and post the April transactions to these accounts. (Post entries in the order of entries presented in the previous part.) General Ledger Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance choose a transaction date Balance enter a debit amount enter a credit amount enter a balance amount choose a transaction date CR1 enter a debit amount enter a credit amount enter a balance amount Accounts Receivable Subsidiary Ledger Morrow Date Explanation Ref. Debit Credit Balance choose a transaction date Balance enter a debit amount enter a credit amount enter a balance amount choose a transaction date CR1 enter a debit amount enter a credit amount enter a balance amount Rose Date Explanation Ref. Debit Credit Balance choose a transaction date Balance enter a debit amount enter a credit amount enter a balance amount choose a transaction date CR1 enter a debit amount enter a credit amount enter a balance amount Jennings Co. Date Explanation Ref. Debit Credit Balance choose a transaction date Balance enter a debit amount enter a credit amount enter a balance amount choose a transaction date CR1 enter a debit amount enter a credit amount enter a balance amount choose a transaction date CR1 enter a debit amount enter a credit amount enter a balance amount Dent Date Explanation Ref. Debit Credit Balance choose a transaction date Balance enter a debit amount enter a credit amount enter a balance amount choose a transaction date CR1 enter a debit amount enter a credit amount enter a balance amount (c) Prove the agreement of the control account and subsidiary account balances. (Do not list those accounts that have zero ending balance.) Accounts receivable balance: $enter a dollar amount Subsidiary account balances: select an account title $enter a dollar amount select an account title enter a dollar amount Total $enter a total of the two previous amounts