CP6-3 Recording Cash Sales, Credit Sales, Sales Returns, and Sales Allowances and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6] [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: $268,900 a. Sold merchandise for cash (cost of merchandise $149, 510). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $760). c. Sold merchandise (costing $7,650) to a customer on account with terms n/30. 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. 1,710 17,000 1,740 CP6-3 Part 3 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 1 Record the cash sales of $268,900. 2 Record the cost of goods sold of $149,510. 3 Record the return by a customer of unsatisfactory merchandise that was in perfect condition. A cash refund of $1,710 was given to the customer. 4 Credit Record the merchandise returned by the customer back into inventory. The original cost of the merchandise was $760. . wae L... wwwww. youvie www wwwwwwwwww wv. 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. 8,500 1,740 CP6-3 Part 3 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 refund of $1,710 was given to the customer. 4 Record the merchandise returned by the customer back into inventory. The original cost of the merchandise was $760. 5 Record the sales on account of $17,000 on terms n/30. 6 Record the cost of goods sold of $7,650. Credit 7 Record the collection of half of the balance of $8,500 owed by the customer within the discount period. 8 Record the allowance of $1,740 granted to the customer. Note : = journal entry has been entered Record entry Clear entry View general journal