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SAVO Check my work [The following information applies to the questions displayed below.) Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $515,000 a. Sold merchandise for cash (cost of merchandise $233,350). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $2,100). c. Sold merchandise (costing $3,480) to a customer on account with term n/30. d. Collected half of the balance owed by the customer in (e). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 3,300 5,800 2,900 1,050 4. LBS is considering a contract to sell building supplie to a local home builder for $21,000. These materials will cost LBS $16,600. Would this contract increase for decrease) LBS's dollars of gross profit and its gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) Gross Profit Gross Profit Percentage by to % O Required information [The following information applies to the questions displayed below.) Sky Communcations (SKY) usually sells a cell phone for $384 plus 12 months of cellular service for $576. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 months of cellular service for $480. Each phone costs SKY $200, which it accounts for in its perpetual Inventory system. On July 1, SKY sells one of the special packages, delivers the phone, collects the $480 cash, and starts the cellular service. Required: 1. For the special offer, how much of the $480 relates to the sale of the cell phone versus the sale of the cellular service? Allocated Transaction Price Equipment Service Journal entry worksheet Record the receipt of cash. Note: Enter debits before credits. General Journal Date July 01 Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet