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ACCT 2013-Recording Cash Sales, Credit Sales, Sales Discounts

01 / 10 / 2021 Projects

This paper circulates around the core theme of ACCT 2013-Recording Cash Sales, Credit Sales, Sales Discounts together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

ACCT 2013-Recording Cash Sales, Credit Sales, Sales Discounts

P6-3 Recording Cash Sales, Credit Sales, Sales Discounts, Sales Returns, and Sales Allowances and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5][The following information applies to the questions displayed below.]Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a.Sold merchandise for cash (cost of merchandise $145,950).$261,800b.Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $710).1,660c.Sold merchandise (costing $6,300) to a customer on account with terms 2/10, n/30.14,000d.Collected half of the balance owed by the customer in (c) within the discount period.6,860e.Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid.1,6801.Compute Sales Revenue, Net Sales, and Gross Profit for Campus Stop.ompute the gross profit percentage. (Round your answer to 2 decimal places.)prepare journal entries to record transactions (a)–(eRecord the cash sales of $261,800.Record the cost of goods sold of $145,950.Record the return by a customer of unsatisfactory merchandise that was in perfect condition. A cash refund of $1,660 was given to the customer.

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