0 Required information The following information applies to the questions displayed below.) Ross & Company is a wholesaler of hait supplies, Ross uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: Sold merchandise for cash cost of merchandise $29, 177). $ 51,120 b. moeived merchandise returned by contenere a unaatistictory (but in perfect condition) for cash refund original cost of merchandise $250) 200 c. Sold merchandise (coating 55,605) to a customer on account with term n/60. 11.00 d. Collected halt of the balance owed by the customer info 5.900 0. Granted a partial allowance relating to credit is the customer in (c) had not yet paid. 16 6. Anticipate further return of merchandise (conting $170) after year-end from sales made during the year. 290 Required: 1. Computer Net Sales and Gross Profit for Ross. Net Sales Gross Profit Required information (The following information applies to the questions displayed below) Ross & Company is a wholesaler of half supplies. Ross uses a perpetuat inventory system. The following transactions (summarized) have been selected for analysis a. Sold merchandise for cash cont of merchandise $29,677). $ 53,120 b. Received merchandise returned by customers and stectory (but in perfect condition) for cash refund original cost of merchandise $250) 200 e Bold merchandise conting 55,605) to a customer on nocount with term n/60 11,000 d. Collected half of the balance owed by the customer in o) 5.900 2. Granted a partial allowance relating to credit sales the customer info) tad not yet paid. 166 . Anticipate further returns of merchandise (conting 5170) after year-end to ales nude during the year 290 2. Compute the gross profit percentage. (Round your answer to 1 decimal place) Gross Profit Porcentage Required information (The following information applies to the questions displayed below.) Ross & Company is a wholesaler of hair supplies, Ross uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 53,120 a. Sold merchandise for cash (cont of merchandise $29,877). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for canh refund (original cost of merchandise $250). e. Sold merchandise (costing 55,605) to a customer on account with terms/60. d. Collected half of the balance owed by the customer in (c) . Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1. Anticipate further return of merchandise (costing $170) after year-end from sales made during the year. 280 11,800 5.900 166 290 3. Prepare journal entries to record transactions (0)-(. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction that Journal entry worksheet Sold merchandise for $53,120 cash. Record the entry Note: Enter debits before credits 3. Prepare journal entries to record transactions (a)(. (If no entry is required for a transact Required" in the first account field.) View transaction list Journal entry worksheet Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $280 cash refund. Record the entry. Note: Enter debits before credits. Transaction General Journal Debit Credit b(1) Record entry Clear entry View general journal 3. Prepare journal entries to record transactions (a)(9. (If no entry is required for a transaction/ev Required in the first account field.) View transaction list Journal entry worksheet 1 2 3 5 6 7 8 9 10 The merchandise returned had a cost of $250. Record the entry. Note: Enter debits before credits General Journal Debit Credit Transaction b(2) Record entry Clear entry View general Journal Saved Homework Assignment 3. Prepare journal entries to record transactions (a)(. (If no entry is required for a transaction/ever Required" in the first account field.) View transaction list Journal entry worksheet Sold merchandise to a customer for $11,800 on account with terms n/60. Record the entry. Note: Enter debits before credits. General Journal Debit Credit Transaction c(1) Record entry Clear entry View general journal a 3. Prepare journal entries to record transactions (a)(7. (If no entry is required for a transaction Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 are 7 8 9 10 > The merchandise sold had a cost of $5,605. Record the entry. Note: Enter debits before credits. General Journal Debit Credit Transaction c(2) Record entry Clear entry View general journal 3. Prepare journal entries to record transactions (a)_(1). (lf no entry is required for a transaction/event Required" in the first account field.) View transaction list Journal entry worksheet Collected half of the $11,800 balance owed by the customer in transaction c. Record the entry Note: Enter debits before credits General Journal Dobit Credit Transaction d Record entry Clear entry View general Journal 3. Prepare journal entries to record transactions (a)(. (If no entry is required for a transaction/event, Required in the first account field.) View transaction list Journal entry worksheet Granted a partial $166 allowance relating to credit sales the customer in transaction c had not yet paid. Record the entry. Note: Enter debits before credits Transaction General Journal Debit Credit e Record entry Clear entry View general Journal 3. Prepare journal entries to record transactions (a)(07. (If no entry is required for a transaction/even Required in the first account field.) View transaction list Journal entry worksheet Anticipate further returns of merchandise after year-end from $290 sales made during the year. Record the entry. Note: Enter debits before credits. General Journal Debit Credit Transaction f(1) Record entry Clear entry View general Journal 3. Prepare journal entries to record transactions (a)-17. (If no entry is required for a transaction/event, s Required in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 The anticipated merchandise returns have a cost of $170. Record the entry. Note: Enter debits before credits General Journal Debit Credit Transaction f(2) Record entry Clear entry View general Journal Required information [The following information applies to the questions displayed below.) Ross & Company is a wholesaler of hal supplies, Ross uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 53, 120 a. Sold merchandise for canh (cont of merchandise $29.877) b. Received merchandise returned by customers an unsatistectory but in perfect condition) for cash refund (original cost of merchandise 5250). c. Sold merchandise (costing 55,605) to a customer on account with term n/60. d. Collected half of the balance oved by the customer in (c) . Granted a partial allowance relating to credit salen the customer in re) had not yet paid. 1. Anticipate further return of merchandise (conting 5170) after year-end from sales made during the year. 280 11.00 5.900 166 290 es 4. Ross is considering a contract to sell merchandise to a halt salon chain for $21,000. This merchandise will cost Ross $13,900. Who would be the increase for decrease) to Ross gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) Gross Profit Gross Profit Percentage by to