FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Financial Transaction Analysis
The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…
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Prepare pe journal entries to record these transactions on the books of Pharoah Company using a periodic inventory system instead of a perpetual system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles Debit Credit
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Transcribed Image Text:Prepare pe journal entries to record these transactions on the books of Pharoah Company using a periodic inventory system instead of a perpetual system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles Debit Credit
The following transactions occurred in April and May. Both companies use a periodic inventory system. Apr. 5 6 8 May 4 Oriole Company purchased merchandise from Pharoah Company for $12,200, terms 2/10, n/30, FOB shipping point. Pharoah had paid $7,600 for the merchandise. The correct company paid freight costs of $340. Oriole Company returned damaged merchandise to Pharoah Company and was given a purchase allowance of $1,700. Pharoah determined the merchandise could not be repaired and ent it to the recyclers. The merchandise had cost Pharoah $1,059. Oriole paid the amount due to Pharoah Company in full.
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Transcribed Image Text:The following transactions occurred in April and May. Both companies use a periodic inventory system. Apr. 5 6 8 May 4 Oriole Company purchased merchandise from Pharoah Company for $12,200, terms 2/10, n/30, FOB shipping point. Pharoah had paid $7,600 for the merchandise. The correct company paid freight costs of $340. Oriole Company returned damaged merchandise to Pharoah Company and was given a purchase allowance of $1,700. Pharoah determined the merchandise could not be repaired and ent it to the recyclers. The merchandise had cost Pharoah $1,059. Oriole paid the amount due to Pharoah Company in full.
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