P6-5A using the data from P6-3A and P6-4A,calculate the following:

a.Net sales

b.Gross profit

Calculating the gross profit

P6-3A data

P6-4A Data

(1-)P6-3A. Wilson Chan has just taken over a business started by his aunt in Sarnia, Ontario, and moved the company to Regina, Saskatchewan. The company is called Chan's Imported Technology (CIT for short) and has all new customers in the Regina region. CIT specializes in the sale of three types of advanced electronic devices: cell phones (CP), tablet computers (TC), and smart watches (SW). Wilson wants his bookkeeper to record all sales into the Sales account. CIT's normal terms are into the Sales account. CIT's normal terms are 2/10,n/20, but a couple of customers have been granted special terms of 3/15,n/45. Here are the sales and sales-related transactions for CIT during its first month of operations in August 2022. All inventory sold has a cost of goods sold amount equal to 75% of the sale (for example, if $4,000 of product was sold, the cost of goods sold for that sale would be $3,000). 2022 Aug, 2 Sold $4,000(CP) and $5,500(TC) to ) II Enterprises Invoice No. 2001. Normal terms. 2 Sold $4,000(CP) and $5,500 (TC) to JIW Enterprises. Invoice No. 2001. Normal terms. 4 Sold $3,200(CP),$1,600(TC). and $2,600 (SW) to Case-5 Electronics. Invoice No. 2002. Special terms. 5 Sold $2,900 (TC) and $1,200(SW) to Advanced Technologies in Motion. Invoice No. 2003. Normal terms. 6 JIW Enterprises messaged that there was a minor problem with the screens of two of the cell phones they purchased on August 2 . Wilson agreed to a credit allowance of $150 and issued credit memorandum No. 101 dated this date. Wilson did not take back the inventory. 10 Sold $3,000(CP),$4,750 (TC), and $1,700 (SW) to Manfred Communications. Invoice No. 2004. Normal terms. 13 Sold $1,400(CP),$3,500(TC), and $850(SW) o JIW Enterprises: Invoice No. 2005. Normal terms. 17 Sold $930 (CP), $1,400 (TC), and $1,100 (SW) to Advanced Technologies in Motion. Invoice No, 2006. Normal terms. 20 The purchasing manager for Manfred Communications dropped by to mention that there was a memory flaw in one of the tablets sold to them on August 10. Manfred had already replaced the memory component with its own supply, and so an adjustment in price of $75 was agreed to. Issued credit memorandum No. 102 to Manfred Communications this date. No inventory was returned. 22 Sold $4,200 (CP) $3,800 (TC), and $1,300 (SW) to WMJ Sales. Invoice No. 2007. Special terms. 26 Sold $6,200 (TC) to Case-5 Electronics. Invoice No. 2008. Special terms. 28 Sold $2,550(CP),$4,400 (TC), and $1,780 (SW) to Manfred Communications. Invoice No. 2009. Normal terms. 30 Sold $1,430 (CP), $2,800(TC), and $1,300 (SW) to Advanced Technologies in Motion. Invoice No. 2010. Normal terms. 3 W. Chan contributed $50,000 and deposited this in the CIT bank account. 11 JIW Enterprises paid invoice No. 2001, less the credit memo, taking discount. 14 Advanced Technologies in Motion paid invoice No. 2003, taking discount. 18 Case-5 Electronics paid invoice No. 2002, taking their special discount. 21 Manfred Communications dropped off a cheque in full payment of invoice No. 2004, less the credit memo, and taking the discount. Although a day late, the discount was approved by W. Chan. 23 JIW Enterprises paid invoice No. 2005, taking discount. 26 Advanced Technologies in Motion paid invoice No. 2006, taking discount. 31 WMJ Sales paid half of invoice No. 2007, taking the special cash discount on the amount paid. c. Ensure that the cash receipts joumal is completed. d. Post all transactions to the relevant GL accounts at month-end. See account numbers below. e. Prepare a schedule of accounts receivable as of Aug. 31, and ensure that the total agrees with GL account number 1300 The company uses these additional GL account numbers