Required Information [The following information applies to the questions displayed below.] Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $38,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,468) to a customer on account with terms n/60. 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 $200) after year-end from sales made during the year. $ 55,040 310 13,600 6,800 172 320 Required: 1. Compute Net Sales and Gross Profit for Ramos Hair Styling. Net Sales Gross Profit Required Information [The following Information applies to the questions displayed below.] Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $38,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with terms n/60. 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 $200) after year-end from sales made during the year. $ 55,040 310 13,600 6,800 172 320 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage % 8 00 Check my work Part 3 of 4 11.11 points eBook Print References Required Information [The following information applies to the questions displayed below) Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with teres n/60. 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 $200) after year-end from sales sade during the year. $ 55,840 310 13,600 6,800 172 320 3. Prepare journal entries to record transactions (a)-(5. (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 < 1 21 3 4 5 6 7 8 9 10 Sold merchandise for $55.040 cash. Record the entry. Note: Enter debits before credits. Transaction a(t) General Journal Debit Credit Record entry Clear entry View general journal Required Information [The following information applies to the questions displayed below] Ramos Hair Styling is a wholesaler of hair suppiles. Ramos Hair Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $38,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $288). c. Sold merchandise (costing $6,460) to a customer on account with terms n/60. 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 $200) after year-end from sales made during the year. $ 55,040 310 13,600 6,800 172 320 3. Prepare journal entries to record transactions (a)-(. (If no entry is required for a transaction/event, select "No Journal Ent Required" In the first account field.) View transaction list Journal entry worksheet < 1 3 4 5 6 7 8 9 10 The merchandise sold had a cost of $30,957. Record the entry. Note: Enter debits before credits. Transaction a(2) General Journal Debit Credit View general journal Record entry Clear entry Required Information [The following Information applies to the questions displayed below.] Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $288). c. Sold merchandise (costing $6,460) to a customer on account with terms n/60. 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 $200) after year-end from sales made during the year. $ 55,040 310 13,600 6,800 172 320 3. Prepare journal entries to record transactions (a)-(5. (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 1 2 4 5 6 7 8 9 10 Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $310 cash refund. Record the entry. Note: Enter debits before credits. Transaction b(1) General Journal Debit Credit Record entry Clear entry View general journal ! Required Information [The following information applies to the questions displayed below.] Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with teras n/60. 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 $200) after year-end from sales made during the year. $ 55,848 310 13,600 6,800 172 328 3. Prepare journal entries to record transactions (a)-(1). (If no entry is required for a transaction/event, select "No Journal Entr Required" In the first account fleld.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 The merchandise returned had a cost of $280. Record the entry. Note: Enter debits before credits. Transaction b(2) 6 10 10 General Journal Debit Credit Record entry Clear entry View general journal Required Information [The following Information applies to the questions displayed below.) Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $38,957). $ 55,040 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). 310 13,600 c. Sold merchandise (costing $6,460) to a customer on account with terms n/68. 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 $200) after year-end from sales made during the year. 6,888 172 320 3. Prepare journal entries to record transactions (a)-(. (If no entry is required for a transaction/event, select "No Journal Entr Required" In the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Sold merchandise to a customer for $13,600 on account with terms n/60. Record the entry. Note: Enter debits before credits. Transaction a(1) General Journal Fabit Credit View general journal Clear entry Record entry Required Information [The following Information applies to the questions displayed below) Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with teres n/60. 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 $200) after year-end from sales made during the year. $ 55,040 310 13,600 6,800 172 320 3. Prepare journal entries to record transactions (a)-(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 < 1 2 3 4 5 6 7 8 9 10 > The merchandise sold had a cost of $6,460. Record the entry. Note: Enter debits before credits. Transaction c(2) General Journal Debit Credit Record entry Clear entry View general journal Check my work Required Information. [The following information applies to the questions displayed below] Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with terms /60. 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 $200) after year-end from sales made during the year. $ 55,040 310 13,600 5,800 172 320 3. Prepare journal entries to record transactions (a)-(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 < 1 2 3 4 5 6 8 9 10 Collected half of the $13,600 balance owed by the customer in transaction c. Record the entry. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Check my wo Required Information [The following information applies to the questions displayed below] Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with teres n/60. d. Collected half of the balance owed by the customer in (c). $ 55,040 310 13,600 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $200) after year-end from sales made during the year. 6,800 172 320 es 3. Prepare journal entries to record transactions (a)-(. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Granted a partial $172 allowance relating to credit sales the customer in transaction c had not yet paid. Record the entry. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Required Information [The following information applies to the questions displayed below] Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $38,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with terms n/60. 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 $200) after year-end from sales made during the year. $ 55,040 318 13,600 6,880 172 320 3. Prepare journal entries to record transactions (a)-(f. (If no entry is required for a transaction/event, select "No Journal En Required" In the first account fleld.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Anticipate further returns of merchandise after year-end from $320 sales made during the year. Record the entry. Note: Enter debits before credits. Transaction (1) General Journal Debit Credit Record entry Clear entry View general journal Required Information [The following information applies to the questions displayed below.) Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with teres n/60. 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 $200) after year-end from sales made during the year. $ 55,040 310 13,600 6,800 172 320 3. Prepare journal entries to record transactions (al-(1. (If no entry is required for a transaction/event, select "No Journal En Required" In the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 The anticipated merchandise returns have a cost of $200. Record the entry. Note: Enter debits before credits. Transaction (2) General Journal Debit Credit View general journal Record entry Clear entry