Your answer is partially correct. Try again. Record the January transactions in a two-column general journal. (Credit account titles are automatically indented when the amount is entered. D order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 9 Sales Returns and Allowances 300 Accounts Receivable 300 (Issued credit for merchandise returned.) Jan. 9 Inventory 100 Cost of Goods Sold 100 (Cost of merchandise returned.) y Jan. 18 v Accounts Payable 200 V Inventory 200 (Received credit for returned goods.) Jan. 21 v Accounts Payable 16000 Notes Payable 16000 (Payment of balance due.) LINK TO TEXT LINK TO TEXTPharoah Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Pharoah are indicated in the working papers. Presented below are a series of transactions for Pharoah Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account January 1 Number Account Title Opening Balance .01 Cash $38,250 112 Accounts Receivable 13,100 115 Notes Receivable 40,000 120 Inventory 20,000 126 Supplies 1,700 130 Prepaid Insurance 2,100 157 Equipment 6,000 158 Accumulated Depreciation-Equip. 1,600 201 Accounts Payable 36,000 301 Owner's Capital 83,550 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R. Beltre $1,700 B. Santos 7,600 S. Mahay 3,800 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance S. Meek $10,000 R. Moses 16,000 D. Saito 10,000Jan. \\owmwu-iw 10 11 12 13 15 15 16 17 18 20 21 21 22 22 23 25 27 27 28 31 31 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. Purchase merchandise from S. Gamel $5,000 and D. Posey $2,500, terms n/30. Receive checks from S. Mahay $3,800 and B. Santos $2,000 after discount period has lapsed. Pay freight on merchandise purchased $225. Send checks to S. Meek for $10,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales. Sell merchandise on account to R. Beltre $1,600, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,000 for January. Receive payment in full from B. Corpas and J. Revere less cash discounts. Withdraw $800 cash by M. Pharoah for personal use. Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $15,000, terms 1/10, n/30; S. Meek $14,000, terms 2/10, n/30; and S. Gamel $1,100, terms n/30. Pay $600 cash for ofce supplies. Return $200 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,700, invoice no. 514, and to R. Beltre $2,200, invoice no. 515. Post all entries to the subsidiary Iedgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $4,000, invoice no. 516, and to J. Revere $6,200, invoice no. 517. Purchase merchandise from D. Saito $14,800, terms 1/10, n/30; D. Posey $3,400, terms n/30; and S. Gamel $5,100, terms n/30. Post all entries to the subsidiary ledgers. Pay $200 cash for office supplies. Daily cash sales from January 21 to January 31 total $22,200. Make one journal entry for these sales. Pay sales salaries $4,300 and office salaries $3,600