Current Attempt in Progress This information relates to Ivanhoe Co. 1. On April 5, purchased...
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Accounting
Current Attempt in Progress This information relates to Ivanhoe Co. 1. On April 5, purchased merchandise from Pharoah Company for $24,200 on account. 2. On April 7, purchased equipment on account for $25,800. 3. On April 8, returned $3,100 of April 5 merchandise to Pharoah Company. 4. On April 15, paid the amount due to Pharoah Company in full. Prepare a tabular summary to record the transactions listed above for Ivanhoe Co. using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).)
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