tv A Question 18 10 View Policies Current Attempt in Progress Prepare journal entries to record the following sales transactions in Pharoah Company's books. Pharoah uses a perpetual inventory system and the contract-based approach to revenue recognition Management estimates that 10% of sales will be returned by customers within the 10-day return period Feb. 2 Pharoah sold $10,000 of merchandise to Kotter Company, termo /30. Po shipping point. The cost of the merchandise sold was $0.170. 4 The correct company paid freight costs of $255. 6 Kotter Company returned $1,900 of the merchandise purchased on February 2 because it was not needed. The cost of the merchandise returned was 5017, and it was remored to inventory Mar 1 Pharoah received the balance due from Kotter, Credit account tits are outomatically indented when the amount is entered. Do not indent manual entry is required, select "No Entry for the accounties and enter for the amounts Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit