On December 1, 2025, Pharoah Company had the account balances shown below. Inventory =(3,300$0.60) The...
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On December 1, 2025, Pharoah Company had the account balances shown below. Inventory =(3,300$0.60) The following transactions occurred during December. Dec. 3 Purchased 4,300 units of inventory on account at a cost of $0.74 per unit. 5 Sold 4,700 units of inventory on account for $0.80 per unit. (Pharoah sold 3,300 of the $0.60 units and 1,400 of the $0.74 units.) 7 Granted the December 5 customer $160 credit for 200 units of inventory returned costing $148. These units were returned to inventory. 17 Purchased 2,100 units of inventory for cash at $0.80 each. 22 Sold 1,900 units of inventory on account for $0.86 per unit. (Pharoah sold 1,900 of the $0.74 units.) Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal Enter the December 1 balances in the ledger T-acco entries presented above.)
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