Required information 1 Record the cash sales of $288,200. 2 Record the cost of goods sold of $158,190. 3 Record the return by a customer of unsatisfactory merchandise that was in perfect condition. A cash refund of $1,690 was given to the customer. Credit Record the merchandise returned by the customer back into inventory. The original cost of the merchandise was $890. 5 Record the sales on account of $26,000 on terms n/30. 6 Record the cost of goods sold of $11,700. Note : = journal entry has been entered Record entry Clear entry View general journal Required information merchandise that was in perfect condition. A cash refund of $1,690 was given to the customer. 4 Record the merchandise returned by the customer back into inventory. The original cost of the merchandise was $890. 5 Record the sales on account of $26,000 on terms n/30. Credit 6 Record the cost of goods sold of $11,700. 7 Record the collection of half of the balance of $13,000 owed by the customer within the discount period. 8 Record the allowance of $1,920 granted to the customer. Note : = journal entry has been entered Record entry Clear entry View general journal CP6-3 Recording Cash Sales, Credit Sales, 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.) Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $288,200 a. Sold merchandise for cash (cost of merchandise $158, 190). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $890). c. Sold merchandise (costing $11,700) to a customer on account with terms n/30. 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. 1.690 26,000 13,000 1,920 CP6-3 Part 4 4. Campus Stop is considering a contract to sell merchandise to a campus organization for $21,000. This merchandise will cost Campus Stop $13,800. Would this contract increase (or decrease) Campus Stop's 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