Accounting for Sales Transactions Madison Company uses the perpetual inventory system. Record the journal entries for the following transactions: a. On July 16, Madison sold $500 of merchandise with terms of 3/10,n/30. The cost of the merchandise was $200. b. On July 19, the customer returned $100 of the merchandise from (a). The cost of the merchandise was $40. c. On July 22, the customer paid the entire balance due to Madison General Journal Description Ref Debit Credit Inventory To record sale of merchandise. To record cost of merchandise sold. Accounts receivable Sales revenue To record return of merchandise sold. acer Gross Profit Percentage Using the data below, compute lan's gross profit percentage for the month of January Net Sales $12,000 Cost of goods sold 3,000 Operating expenses 7,000 Other income 500 Income tax expense 1,000 Round answer to the nearest whole percentage