CC6-1 Algo Accounting for Merchandising Operations

CC6-1 (Algo) Accounting for Merchandising Operations [LO 6-4, LO 6-5, LO 6-6] [The following information applies to the questions displayed below] Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy items. Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August. August 2 sold a bundle of spa sorvices with a nerchandise basket. When sold separately, the spa service part of the bundle sells for $624 and the nerchandise basket norally sells for s156. Together, the bundle was sold to Val any for canh at a solling price of 9675 (total). Val booked a spa, treatisent for August 10, and she took the bakket of goods with her. The goods had cost nas s150. August 3 sold 5 identical itens of porehandise to cossetice R un on account at a selling price of 5725 (total): terms n/30. The goods cost NGs $625. August 6 cospetics R Us returned one of the tive itens purchased on August 3. The item could atill be sold Aaguat 20 by bal ing in the future and credit was iviven to the custoner. August au August 2 . August 20 sold tho at-home spa kits to Meghan witzel for $525cash. The goods cost NGs $166. Augunt 22 cosmetics R Us paid itn remaining aceount balance in ful1. CC6-1 (Algo) Part 2 2-a. Calculate the Sales Revenue and Cost of Goods Sold for the transactions listed above (but exciude Service Revenue for spa services). 2-b. What is Nicole's Getaway Spa's gross profit percentage (excluding Service Revenue)? (Round your answer to 1 decimal place.) CC6-1 (Algo) Accounting for Merchandising Operations [LO 6-4, LO 6-5, LO 6-6] [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nail polish, at home spa kits, cosmetics, and aromatherapy items. Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August. August 2 sold a bundle of spa services with a merchandise basket. When sold separately, the spa service part of the bundle sel1s for $624 and the zerchandise basket normally sel1s for $156. Together, the bunde was sold to val Any for cash at a solling price of $675 (tota1). Val booked a spa troateent for August 10, and the took the basket of goods with her. The goods had cost mas $150. Aagust 3 sold 5 identical items of merchandise to cosmetics R Us on account at a selling price of 5725 August (total ); terms n/30. The goods cost nas $625. August 6 consetics R Us returned one of the five itens purchased on August 3. The iten could st fl11 be sold Auguse 20 by was in the future and credit was given to the customer. Ailiguet 10 Vai Nugus 2 . August 20 Sold two at-hone spa kits to Meghan witzel for $525 cash. The goods cost m6s $166. Auguot 22 conseties R Us paid its renaining account balance in fuli. CC6-1 (Algo) Part 1 Required: 1. Prepare journal entries for each transaction. No additional sales returns are expected. (ff no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required information (1) Required information