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Prepare the journal entries to record the transactions

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Question - Prepare the journal entries to record the following transactions on Pharoah Company's books using a perpetual inventory system.

(a) On March 2, Pharoah Company sold $934,300 of merchandise to Shamrock Company on account, terms 2/10, n/30. The cost of the merchandise sold was $508,200.

(b) On March 6, Shamrock 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 Shamrock Company.

Reference no: EM132782552

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