Record the following transactions on the books of Pharoah Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) on July 1, Pharoah Co. sold merchandise on account to Stacey Inc. for $24,930, terms 4/10, 1/30. (b) On July 8, Stacey Inc. returned merchandise worth $2,230 to Pharoah Co. (c) On July 11, Stacey Inc. paid for the merchandise.

The amount of money produced by the firm as a result of its business activities is represented by sales revenue. This is a temporary account that appears solely on the income statement.

This also includes contra-accounts such as sales discounts, sales returns, and allowance, which are all removed from gross sales to arrive at net sales.

The journal entry of the above transactions are recorded as follows:-

No. Date Account titles Debit Credit

a 1-Jul Accounts receivable 24,930,

To Sales revenue 24,930,

b 8-Jul Sales returns and allowances 2,230

To Accounts receivable 2,230

c 11-Jul Cash 21,825

Sales discount (22,500 x 3%) 675

To Accounts receivable 22,500

Therefore, it can be recorded that transactions on the books of Pharaoh Co.

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