Your answer is partially correct. Use a tabular summary to record the following transactions for Pharoah Company using a perpetual inventory system. (a) On March 2, Pharoah Company sold $934,300 of merchandise to Cullumber Company on account. The cost of the merchandise sold was $508,200. (b) On March 6, Cullumber Company returned $107,900 of the merchandise purchased on March 2. The cost of the merchandise returned was $60.600. (c) On March 12, Pharoah Company received the balance due from Cullumber Company. (Enter negative amounts using either a negative sign preceding the number eg -45 or parentheses eg (45).) Assets Liabilities Stockholders' Equity Retained Earnings Cash + Accts. Rec. Inv. Inv. - Accts. Pay. + Common Stock Rev. Exp. + $ a) Mar. 2 $ 934300 i $ 934300 $ Sales revenue C C C 1 -508200 Cost of goods sold v C 6 1 C 16 1 -107900 C -S06200 C C C b) C -107900 Sales returns & allowances 60600 60600 c) 12 ( 826310 C -826310 0 1