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(2 points) Define the return on sales ratio. What does this ratio measure? Problem 1. (Seller Books = 11 points) The following are selected transactions
(2 points) Define the return on sales ratio. What does this ratio measure? Problem 1. (Seller Books = 11 points) The following are selected transactions of Shadow, Inc.: May 10 16 19 Sold and shipped on account to Mystic, Inc. merchandise for $2,000 ($1,200 cost), terms 2/10, n/30. Mystic, Inc. returned merchandise billed at $400 ($240 cost) on May 10. Received a check from Mystic, Inc. for full settlement of the May 10 transaction. Record the above transactions in general journal form as they would appear on the books
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