Question

I got ALL the accounts wrong.

re.com/c /9534/modules/items/234125 Show Attempt History Current Attempt in Progress On June 10, Pharoah Company purchased $7.600 of merchandise from Cullumber Company, terms 1/10.30. Pharoan Company pays the freight costs of $390 on June 11. Goods totaling $500 are returned to Cullumber Company for credit on June 12. On June 19, Pharoah Company pays Cullumber Company in full less the purchase discount. Both companies use a perpetual inventory system. Your Answer Correct Answer Your answer is partially correct. Prepare separate entries for each transaction on the books of Pharoah Company. Of no entry is required, select "No Entry the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered Dono indent manually Record journal entries in the order presented in the problem.) ate Account Titles and Explanation Debit Credit

on both situations!

can you please help me?

Answer 1

	Journal Entry (in the books of Pharoah Company)
Date	Accounts Title & Explanation	Debit	Credit
Jun-10	Merchandise Inventory	$7,600
	Accounts Payable-Cullumber Company		$7,600
Jun-11	Merchandise Inventory	$390
	Cash		$390
Jun-12	Accounts Payable-Cullumber Company	$500
	Merchandise Inventory		$500
Jun-19	Accounts Payable-Cullumber Company	$7,100
	Cash ($7,100 * 96%)		$6,816
	Discount ($7,100 * 4%)		$284

	Journal Entry (in the books of Cullumber Company)
Date	Accounts Title & Explanation	Debit	Credit
Jun-10	Accounts Receivable-Pharoah Company	$7,600
	Sales Revenue		$7,600
	Cost Of Goods Sold	$3,770
	Merchandise Inventory		$3,770
Jun-12	Sales Return	$500
	Accounts Receivable-Pharoah Company		$500
	Merchandise Inventory	$230
	Cost Of Goods Sold		$230
Jun-19	Cash ($7,100 * 96%)	$6,816
	Discount ($7,100 * 4%)	$284	$6,543
	Accounts Receivable-Pharoah Company		$7,100