Question Pharoah Wholesalers uses a perpetual invent
Question Pharoah Wholesalers uses a perpetual inventory system. Mar. 1… Pharoah Wholesalers uses a perpetual inventory system. Mar. 1 Stellar Stores purchases $9,300 of merchandise for resale from Pharoah Wholesalers, terms 2/10, n/30, FOB shipping point. 2 The correct company pays $135 for the shipping charges. 3 Stellar returns $1,100 of the merchandise purchased on March 1 because it was the wrong colour. Pharoah gives Stellar a $1,100 credit on its account. 21 Stellar Stores purchases an additional $12,000 of merchandise for resale from Pharoah Wholesalers, terms 2/10, n/30, FOB destination. 22 The correct company pays $185 for freight charges. 23 Stellar returns $550 of the merchandise purchased on March 21 because it was damaged. Pharoah gives Stellar a $550 credit on its account. 30 Stellar paid Pharoah the amount owing for the merchandise purchased on March 1. 31 Stellar paid Pharoah the amount owing for the merchandise purchased on March 21. Additional information: Mar. 1 Pharoah’s cost of the merchandise sold to Stellar was $3,900. 3 Pharoah’s cost of the merchandise returned by Stellar was $461. As the merchandise was not damaged, it was returned to Pharoah’s inventory. 21 Pharoah’s cost of the additional merchandise sold to Stellar Stores was $5,032. 23 Pharoah’s cost of the merchandise returned by Stellar was $231. As the merchandise was damaged, it was put in the recycling bin. how to Prepare Pharoah Wholesalers’ journal entries to record the sales transactions with Stellar. Remember to record the freight and cash receipt transactions as appropriate. how to Calculate Pharoah’s net sales, cost of goods sold, and gross profit for these sales.Business Accounting ACCOUNTING ACC106
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