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Record the following transactions on the books of Pharoah Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is
Record the following transactions on the books of Pharoah Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On July 1, Pharoah Co. sold merchandise on account to Stacey Inc. for $22,160, terms 4/10, n/30. (b) On July 8, Stacey Inc. returned merchandise worth \$2,360 to Pharoah Co. (c) On July 11, Stacey Inc. paid for the merchandise. Kingbird has been in business several years. At the end of the current year, the unadjusted trial balance shows: Bad debts are estimated to be 6% of receivables. Prepare the entry to adjust Allowance for Doubtful Accounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Wildhorse Co. had a beginning balance in accounts receivable of $64,330 and an ending balance of $85,230. Credit sales during the period were $623,800. Determine cash collections. Cash collections \$
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