PB6-3 Recording Sales and Purchases with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5 The following information applies to the questions displayed below Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $710,000 a. Sold merchandise for cash (cost of merchandise $337,350). b. Recelved merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $4,700). c. Sold merchandise (costing $9,720) to a customer on account with terms 2/10, n/30. d. Collected half of the balance owed by the customer in (c) within the discount period. e. Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid. 7,200 16,200 7,938 2,350 References PB6-3 Recording Sales and Purchases with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5 The following information applies to the questions displayed below Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $710,000 a. Sold merchandise for cash (cost of merchandise $337,350). b. Recelved merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $4,700). c. Sold merchandise (costing $9,720) to a customer on account with terms 2/10, n/30. d. Collected half of the balance owed by the customer in (c) within the discount period. e. Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid. 7,200 16,200 7,938 2,350 References