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  3. question 4 of 10 on may 10, pharoah co. buys $85

Question 4 of 10 On May 10, Pharoah Co. buys $850 of merchandise...

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Accounting

Question 4 of 10
On May 10, Pharoah Co. buys $850 of merchandise on account from Shamrock Supply, terms 210,n30. Pharoah pays Shamrock
on May 18. The buyer uses the perpetual inventory method.
a. Prepare the entry to record the purchase of merchandise. (If no entry is required, select "No Entry" for the account titles and enter 0
for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry
before credit entry.)
Date Account Titles and Explanation
Debit
Credit
May 10
b. Prepare the entry to record the payment by Pharoah, if Pharoah pays within the discount period. (If no entry is required, select "No
Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatikally indented when the amount is entered. Do
not indent manually. List all debit entries before credit entries.)
Date Account Titles and Explanation
Debit
Credit
May 18
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