Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what is the Journal entery amount for March 31? Exercise 2 Your answer is partially correct. Try again. Presented below are selected transactions of Pharoah

what is the Journal entery amount for March 31? image text in transcribed
Exercise 2 Your answer is partially correct. Try again. Presented below are selected transactions of Pharoah Company. Pharoah sells in large quantities to other companies and also sells its March 1 Sold merchandise on account to Dodson Company for $9,600, terms 3/10, n/30. 3 Dodson Company returned merchandise worth $500 to Pharoah 9 Pharoah collected the amount due from Dodson Company from the March 1 sale. the 15 Pharoah sold merchandise for $2,200 in its retail outlet. The customer used his Pharoah credit card. 31 Pharoah added 1.0% monthly interest to the customer's credit card balance. Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are au Date Account Titles and Explanation Debit Credit March 1 Accounts Receivable 96001 Sales Revenue 00 Sales Retums and Allowances Accounts Receivable March 9 Cash Sales Discounts Accounts Receivable March 15 Accounts Receivable 9100 Sales Revenue March 31 Accounts Receivable 2200 Interest Revenue Click if you would like to Show Work for this question: Qeen Show Won SHOW LIST OF ACCOUNTS LINK TO TEXT

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting In An Economic Context

Authors: Jamie Pratt

3rd Edition

0538855843, 978-0538855846

More Books

Students also viewed these Accounting questions