Question 1

Question 2.

The following selected information is presented for Pronghorn Limited for the year ended February 28, 2024. Pronghorn uses a periodic inventory system. (To record cost of merchandise sold) (To record sales) (To record inventory) EE Prenare a multinle-sten statement of income. Listed below are some transactions for Oriole Products Ltd., which uses a perpetual inventory system and reports under ASPE. May Sold inventory on account to Pharoah Inc., terms 2/10,n/30. Selling price $22,000; cost $8,800. 2 3 Received a portion of the inventory sold on the previous day because it was damaged and could never be sold in the future. Selling price $1,650; cost $660. 5 Received a portion of the inventory sold on May 2 that was in good condition and could be sold to other customers in the future. Selling price $2,650, cost $1,320. 7 Received payment in full from Pharoah Inc. for the amount due from the sale made on May 2. (a) Record the journal entry or entries for each of the transactions above. (List all debit entries before credit entries. 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 0 for the amounts. Record journal entries in the order presented in the problem.) : $ The following selected information is presented for Pronghorn Limited for the year ended February 28, 2024. Pronghorn uses a periodic inventory system. (To record cost of merchandise sold) (To record sales) (To record inventory) EE Prenare a multinle-sten statement of income. Listed below are some transactions for Oriole Products Ltd., which uses a perpetual inventory system and reports under ASPE. May Sold inventory on account to Pharoah Inc., terms 2/10,n/30. Selling price $22,000; cost $8,800. 2 3 Received a portion of the inventory sold on the previous day because it was damaged and could never be sold in the future. Selling price $1,650; cost $660. 5 Received a portion of the inventory sold on May 2 that was in good condition and could be sold to other customers in the future. Selling price $2,650, cost $1,320. 7 Received payment in full from Pharoah Inc. for the amount due from the sale made on May 2. (a) Record the journal entry or entries for each of the transactions above. (List all debit entries before credit entries. 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 0 for the amounts. Record journal entries in the order presented in the problem.) : $