Pharoah Company buys merchandise on account from Shamrock Company. The selling price of the goods is $1,385 and the cost of the goods sold is $650. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Pharoah Shamrock (To record sale of merchandise) Debit Credit

Pharoah Company buys merchandise on account from Shamrock Company. The selling price of the goods is $1,385 and the cost of the goods sold is $650. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Pharoah Shamrock (To record sale of merchandise) Debit Credit

Name: HomeworkQuestion 10 of 11Account Titles and ExplanationPharoah Compan
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Description: HomeworkQuestion 10 of 11Account Titles and ExplanationPharoah Company buys merchandise on account from Shamrock Company. The selling price of the goods is $1,385 and the cost of thegoods sold is $650. Both companies use perpetual inventory systems.

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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