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 Palacetherapy 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. Aug. 2 NGS sold 10 items of merchandise to Salon World on account at a selling price of $1, 000 (total) ; terms 1/10, n/30. The goods cost NGS $580. 3 NGS sold 5 identical items of merchandise to Cosmetics 4 You on account at a selling price of $790 (total); terms 1/10, n/30. The goods cost NGS $365. 6 Cosmetics 4 You returned one of the items purchased on August 3. The item could still be sold by NGS in the future, and credit was given to the customer. 10 Collected payment from Salon World, fully paying off the account balance. 20 Sold two at-home spa kits to Meghan Witzel for $265 cash. The goods cost NGS $79. 22 Cosmetics 4 You paid its remaining account balance in full. Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Required: the first account field.) 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 10 NGS sold 10 items of merchandise to Salon World on account at a selling price of $1,000 (total); terms 1/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit Aug. 2 Record entry Clear entry View general journalView transaction list X 1 NGS sold 10 items of merchandise to Salon World on account at a selling price of $1,000 (total); terms 1/10, n/30. 2 Record the cost of goods sold of $580. 3 NGS sold 5 identical items of merchandise to Cosmetics 4 You on account at a selling price of $790 (total); terms 1/10, n/30. 4 Record the cost of goods sold of $365. 5 Cosmetics 4 You returned one of the items purchased on August 3.6 Record the entry for cost of item returned. 7 Collected payment from Salon World, fully paying off the account balance. 8 Sold two at-home spa kits to Meghan Witzel for $265 cash. 9 Record the cost of goods sold of $79. 10 Cosmetics 4 You paid its remaining account balance in full.1 Calculate the amount of Net Sales and Cost of Goods Sold for the transactions listed above. What is Nicole's Getaway Spa's gross prot percentage? [Round your percentage answer 1.01 decimal placeJ Cost of goods sold Gross prot percentage
