On June 10, Pharoah Company sold $8,500 of merchandise to Sheridan Company, FOB shipping point,...
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On June 10, Pharoah Company sold $8,500 of merchandise to Sheridan Company, FOB shipping point, terms 2/10,n/30. The merchandise purchased by Sheridan on June 10 cost Pharoah $5,100. Sheridan pays the freight costs of $520 on June 11 . Damaged goods totaling $450 are returned to Pharoah for credit on June 12 . The fair value of these goods is $70. On June 19 , Sheridan pays Pharoah Company in full, less the purchase discount. Prepare separate entries for each transaction for Pharoah Company for June 12 and June 19 using the perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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