Hw.73. Pharoah Company sells goods to Coronado Company during 2023. It offers Coronado the following rebates based on total sales toCoronado. If total sales to Coronado are 8,200 units, it will grant a rebate of 2%. If it sells up to 19,600 units, it will grant a rebate of4%. It if sells up to 30,000 units, it will grant a rebate of 6%. In the first quarter of the year, Pharoah sells 9,800 units to Coronado, onaccount, at a sales price of $98,000. Based on past experience, Pharoah has sold over 40,000 units to Coronado, and these salesnormally take place in the third quarter of the year.(a)Your answer is partially correct.Prepare the journal entries including any rebates that Pharoah should make to record the sale, on account, of the 9,800 units inthe first quarter of the year assuming Pharoah follows IFRS. Ignore any cost of goods sold entry. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts. List all debit entries before credit entries.)Account Titles and ExplanationAccounts ReceivableSales Revenue(To record sale on account)InventoryAccounts Receivable(To record rebate)Debit980001960Credit98000111960

Journal entries are the first step in recording an accounting transaction in the books of accounts.…

Pharoah Company sells goods to Coronado Company during 2023. It offers Coronado the following rebates based on total sales to Coronado. If total sales to Coronado are 8,200 units, it will grant a rebate of 2%. If it sells up to 19,600 units, it will grant a rebate of 4%. It if sells up to 30,000 units, it will grant a rebate of 6%. In the first quarter of the year, Pharoah sells 9,800 units to Coronado, on account, at a sales price of $98,000. Based on past experience, Pharoah has sold over 40,000 units to Coronado, and these sales normally take place in the third quarter of the year.

Pharoah Company sells goods to Coronado Company during 2023. It offers Coronado the following rebates based on total sales to Coronado. If total sales to Coronado are 8,200 units, it will grant a rebate of 2%. If it sells up to 19,600 units, it will grant a rebate of 4%. It if sells up to 30,000 units, it will grant a rebate of 6%. In the first quarter of the year, Pharoah sells 9,800 units to Coronado, on account, at a sales price of $98,000. Based on past experience, Pharoah has sold over 40,000 units to Coronado, and these sales normally take place in the third quarter of the year.

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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