Journal entries needed and gross proffit and gross profit percentage
Required information CP6-3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual 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) Cooper Books. Is a student co-op. Cooper Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis Q. Sold merchandise for cash (cost of merchandise $156,270). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $612) C. Sold merchandise (costing $9,270) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c) e. Granted partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $206) after month-end from sales made during the 5 283, 250 1,640 28,600 10,300 1,160 month 788 6-3 (Algo) Part 3 Prepare journal entries to record transactions (a) to (1 of no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list D Required information CP6-3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual 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.) Cooper Books, is a student co-op. Cooper Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis 5 283, 250 a. Sold merchandise for cash (cost of merchandise $156,270). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $612). c. Sold merchandise (costing $9,270) to a customer on account with terms n/38. 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. f. Anticipate further returns of merchandise (costing $286) after month end from sales made during the month. 1,640 20,600 19,180 1,260 730 CP6-3 (Algo) Part 4 4. Cooper Books is considering a contract to sell merchandise to a Cooper Books organization for $15.600 This merchandise will cost Cooper Books $12,480. Would this contract increase or decrease) Cooper Books dollars of gross profit and its gross profit 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.) Gross Profit Gross Profit Percentage by to
