help asap pls for september 6th please help me on that one
Problem 3: [20 minutes, 15 marks] Campus Books (CB) is a retail store that purchases textbooks from publishers, and then sells these textbooks to students on campus for use in their registered classes. - On August 15th,CB placed an order with McGraw-Hill to purchase 100 accounting textbooks at a per unit cost of $50 each, under terms 3/10,n/30. - On August 20th, CB placed an order with Wiley to purchase 70 finance textbooks at a per unit cost of $45 each, under terms 2/10,n/30. - CB received the accounting textbooks on September 1st while the finance textbooks arrived September 3rd. - On September 4th,CB returned 10 of the accounting textbooks to the publisher as they did not come with the Connect access code attached to the book. - On September 5th, CB complained to Wiley about the condition of the finance textbooks, as some of them were damaged slightly during shipping. Wiley granted CB an allowance of $280. - On September 6th,CB paid McGraw-Hill for the amount owing on the accounting textbooks. - On September 7th, CB sold 76 of the accounting textbooks for $110 each and 50 - of the finance textbooks for $100 each. All sales were made to students and were paid with either cash or credit card. - On September 8th,16 accounting textbooks were returned by students to CB, as the students had decided after the first week of classes, accounting was not for them, and luckily they hadn't taken the textbook out of its packaging yet. - On September 15th, CB paid Wiley for the amount owing on the finance textbooks. Required: 1. Prepare journal entries for CB to record the business transactions described above. [12 marks] 2. Calculate the gross profit on the sales of the accounting textbooks and the gross profi the finance textbooks. [2 marks] 3. What is the cost of the remaining accounting textbooks on hand for CB after all of the transactions are accounted for? [1 mark]