Required information CP6-3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual 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.] Myers Books & More, is a student co-op. Myers Books & More uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 316, 250 a. Sold merchandise for cash (cost of merchandise $173,070). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $660). c. Sold merchandise (costing $10,350) 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. f. Anticipate further returns of merchandise (costing $230) after month-end from sales made during the month. 1,680 23,000 11,500 1,400 850 CP6-3 (Algo) Part 3 . Prepare journal entries to record transactions (a) to (1). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Collected half of the $23,000 balance owed by the customer in transaction c. Record the entry. CP6-3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual 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.] Myers Books & More, is a student co-op. Myers Books & More uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 316, 250 a. Sold merchandise for cash (cost of merchandise $173,070). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $660). c. Sold merchandise (costing $10,350) 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. f. Anticipate further returns of merchandise (costing $230) after month-end from sales made during the month. 1,680 23,000 11,500 1,400 850 P6-3 (Algo) Part 3 Prepare journal entries to record transactions (a) to (1). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Granted a partial $1,400 allowance relating to credit sales the customer in transaction c had not yet paid. Record the entry
