Prepare journal entries for each transaction.

1. (Aug. 2) Record the sales on account of 10 items for $3,500 to Salon World on terms 2/10, n/30.

2. (Aug. 2) Record the cost of goods sold of $2,275.

3. (Aug. 3) Record the sales on account of 5 items for $2,000 to Cosmetics R Us on terms 2/10, n/30.

4. (Aug. 3) Record the cost of goods sold of $1,600.

5. (Aug. 6) Record the credit given to Cosmetics R Us for returning 1 item in perfect condition.

6. (Aug. 6) Record the 1 item returned into inventory for its original cost of goods sold.

7. (Aug. 10) Record the receipt of payment in full from Salon World.

8. (Aug. 20) Record the cash sales of $800 to Meghan Witzel.

9. (Aug. 20) Record the cost of goods sold of $256.

10. (Aug. 22) Record the receipt of payment in full from Cosmetics R Us.

2-a. Calculate the amount of Net Sales and Cost of Goods Sold for the transactions listed above.

2-b. What is Nicole's getaway spa's gross profit percentage?