Journal Entries for Sale, Return, and Remittance-Perpetual System On September 13, Tomas Company sold merchandise with an invoice price of $1,200 ($600 cost), with terms of 2/10, n/30, to Dalton Company. On September 17, $250 of the merchandise ($80 cost) was returned because it was the wrong model. On September 23, Tomas Company received a check for the amount due from Dalton Company. Required Prepare the journal entries made by Tomas Company for these transactions. Tomas uses the perpetual inventory system. Round your answers to the nearest dollar. General Journal Date Description Debit Credit Sept. 13 Sold merchandise to Dalton Company terms 2/10, n/30. Cost af merchandise sold to Dalton Company. Merchandise returned by Dalton Company. Cost of merchandise returned by Dalton Company, 23 Cash Remittance received from Dalton Company. Recording Purchases-Perpetual System On July 1, Hernandez, Inc. purchased merchandise for $2,500, with terms of 1/10, n/30. On July 5, the firm returned $1,000 of the merchandise to the seller. Payment of the account occurred on July 8. Hernandez uses the perpetual inventory system. Required a. Prepare the journal entries for July 1, July 5, and July 8. General Journal Date Description Debit Credit July 1 To record purchase of merchandise, terms 1/10, n/30. To record returned merchandise. Cush To record the paid amount due within the discount period for the July 1 purchase. b. Assurning that the account was paid on July 14, prepare the journal entry for payment on that date. General Journal Description Debit Credit Date July 14 To record the paid amount due on the July 1 purchase. Profitability Analysis Erin Enterprises reports the following information on its year-end income statement: Net Sales $200,000 Operating Expenses $40,000 Cost of Goods Sold 110,000 Other Income 25,000 Required Calculate Erin's gross profit percentage and return on sales ratio. (Round answer to one decimal place.) Gross profit percentage = 0 % Return on sales ratio = 0 % Journal Entries for Sale, Return, and Remittance-Perpetual System On September 13, Tomas Company sold merchandise with an invoice price of $1,200 ($600 cost), with terms of 2/10, n/30, to Dalton Company. On September 17, $250 of the merchandise ($80 cost) was returned because it was the wrong model. On September 23, Tomas Company received a check for the amount due from Dalton Company. Required Prepare the journal entries made by Tomas Company for these transactions. Tomas uses the perpetual inventory system. Round your answers to the nearest dollar. General Journal Date Description Debit Credit Sept. 13 Sold merchandise to Dalton Company terms 2/10, n/30. Cost af merchandise sold to Dalton Company. Merchandise returned by Dalton Company. Cost of merchandise returned by Dalton Company, 23 Cash Remittance received from Dalton Company. Recording Purchases-Perpetual System On July 1, Hernandez, Inc. purchased merchandise for $2,500, with terms of 1/10, n/30. On July 5, the firm returned $1,000 of the merchandise to the seller. Payment of the account occurred on July 8. Hernandez uses the perpetual inventory system. Required a. Prepare the journal entries for July 1, July 5, and July 8. General Journal Date Description Debit Credit July 1 To record purchase of merchandise, terms 1/10, n/30. To record returned merchandise. Cush To record the paid amount due within the discount period for the July 1 purchase. b. Assurning that the account was paid on July 14, prepare the journal entry for payment on that date. General Journal Description Debit Credit Date July 14 To record the paid amount due on the July 1 purchase. Profitability Analysis Erin Enterprises reports the following information on its year-end income statement: Net Sales $200,000 Operating Expenses $40,000 Cost of Goods Sold 110,000 Other Income 25,000 Required Calculate Erin's gross profit percentage and return on sales ratio. (Round answer to one decimal place.) Gross profit percentage = 0 % Return on sales ratio = 0 %