On December 1, 2022, Pharoah Distributing Company had the following account balances.DebitCreditCashAccountsReceivableAccumulated Depreciation-$6,700$2,200Equipment4,100Accounts Payable4,000Inventory11,500Salaries and Wages Payable1,000SuppliesEquipment1,200Common Stock15,00022,000Retained Earnings23,300$45,500$45,500During December, the company completed the following summary transactions.Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable.Received $1,900 cash from customers in payment of account (no discount allowed).Dec. 6810Sold merchandise for cash $5,800. The cost of the merchandise sold was $3,900.13Purchased merchandise on account from Hecht Co. $7,000, terms 2/10, n/30.15Purchased supplies for cash $2,000.Sold merchandise on account $10,500, terms 3/10, n/30. The cost of the merchandise sold was $6,900.1820Paid salaries $1,500.23Paid Hecht Co. in full, less discount.27Received collections in full, less discounts, from customers billed on December 18.a.) Journalize the December transactions using a perpetual inventory system.

DateAccount Titles/ExplanationDebitCreditDec. 6Salaries and Wages Payable$1,000 Salaries and Wages…

Answered: On December 1, 2022, Pharoah…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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