The following are selected transactions of Pharoah Company. Pharoah sells in large quantities to other companies...

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The following are selected transactions of Pharoah Company. Pharoah sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 3 9 15 31 Sold merchandise on account to Dodson Company for $9,600, terms 3/10, n/30. Dodson Company returned merchandise with a sales price of $500 to Pharoah. Pharoah collected the amount due from Dodson Company from the March 1 sale. Pharoah sold merchandise for $800 in its retail outlet. The customer used his Pharoah credit card. Pharoah added 1.0% monthly interest to the customer's credit card balance. Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) The following are selected transactions of Pharoah Company. Pharoah sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 3 9 15 31 Sold merchandise on account to Dodson Company for $9,600, terms 3/10, n/30. Dodson Company returned merchandise with a sales price of $500 to Pharoah. Pharoah collected the amount due from Dodson Company from the March 1 sale. Pharoah sold merchandise for $800 in its retail outlet. The customer used his Pharoah credit card. Pharoah added 1.0% monthly interest to the customer's credit card balance. Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Answer rating: 100% (QA)

SOLUTION The journal entries for the transactions are March 1 Accounts R... View the full answer