General Journal Transaction Assignment | Top Universities |

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General Journal Transaction Assignment | Top Universities |

Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $275,000 a. Sold merchandise for cash (cost of merchandise $152,070). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $800). c. Sold merchandise (costing $9,000) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,600 20,000 10,000 1,800 to 1 decimal place.)

2 Compute the gross profit percentage. (Round your answer % Gross Profit Percentage Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $275,e00 a. Sold merchandise for cash (cost of merchandise $152,07e). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for a cash refund (original cost of merchandise $800). c. Sold merchandise (costing $9,000) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,600 20,ee0 10,000 1,800 Journal entry worksheet 2 3 6 Record the cash sales of $275,000. Note: Enter debits before credits. General Journal Debit Credit Transaction a(1) Journal entry worksheet K 3 5 Record the cost of goods sold of $152,070. Note: Enter debits before credits. Transaction General Journal Debit Credit a(2) Journal entry worksheet 2 3 5 6 8 Record the merchandise returned by the customer back into inventory. The original cost of the merchandise was $800. Note: Enter debits before credits. Transaction General Journal Debit Credit b(2) 7 et Journal entry worksheet 1 2 5 7 8 Record the cost of goods sold of $9,000. Note: Enter debits before credits. Transaction General Journal Debit Credit c(2) Journal entry worksheet K 2 4 5 6 7 Record the allowance of $1,800 granted to the customer Note: Enter debits before credits. Debit Credit General Journal Transaction, Get Accounting Homework Help Today
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General Journal Transaction Assignment | Top Universities |

 

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General Journal Transaction Assignment | Top Universities |

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