Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: 4 a. Sold merchandise for cash (cost of merchandise $158,710). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $900). $289.900 1,700 with terms n/30 d Collected half of the balance owed by the customer in (c). 13.598 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,940 3. Prepare journal entries to record transactions (a)-(e)- (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list es Journal entry worksheet 3 Record the return by a customef dnsatisfactory merchandise that was in perfect condition. A cash refund $1,700 was given to the customer Note: Enter debits before credits. Transaction General Journal Debit Credit 1,700 b(1) Cash 1,700 Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: of 4 a. Sold merchandise for cash (cost of merchandise $158,710). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise s900) S289.900 1,700 a customer on account with terms n/30. 13.500 d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,940 3. Prepare journal entries to record transactions (a)-(e). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Ok View transaction list. ences Journal entry worksheet 8 Record the allowance of $1,940 granted to the customer. Note: Enter debits before credits. Transaction General Journal Debit Credit Required information [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 $158,710) $289.990 b. (orieinal eort sf m customers as unsatisfactory (but c. Sold merchandise (costing $12,150 ) to a customer on account with terms n/30. perfect condition) for cash refund 1,700 7,000 eGranted a nactial allowance celating to credit sales the customer in (c) had not yet paid. 1.940 4. Campus Stop is considering a contract to sell merchandise to a campus organization for $22,000. This merchandise willl cost percentage? TIP: The impact on gross profit dollars may differ from the impact on gross profit percentage, (Round "Gross Profit Percentage" to 1 decimal place.) Answer is complete but not entirely correct. Gross Profit Gross Profit Percentage increased by 7,700 to 2.50 decreased