[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: $260,100 a. Sold merchandise for cash (cost of merchandise $145,430). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $700). c. Sold merchandise (costing $5,850) to a customer on account with terus 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. 1,650 13,000 6,500 1,660 CP6-3 Part 1 Required: 1. Compute Net Sales and Gross Profit for Campus Stop Answer is complete but not entirely correct. Net Sales Gross Profit $ $ 273,100 119,080 Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis $260, 180 a. Sold merchandise for cash (cost of merchandise $145,430). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition for cash refund (original cost of merchandise $700) c. Sold merchandise (costing $5,850) to customer on account with teras 6/30 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. 1,650 13,000 6,500 1,660 CP6-3 Part 2 2. Compute the gross profit percentage. (Round your answer to 2 decimal places Answer is complete but not entirely correct. Gross Profil Percentage 44.00 Campus Stop, Inc. is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis $260,100 a. Sold merchandise for cash (cost of merchandise $145,430). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $700). c. Sold merchandise (costing $5,850) to a customer on account with terns 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 1,650 13,000 6,500 1,660 CP6-3 Part 3 3. Prepare journal entries to record transactions (@)-e). (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 2 3 4 5 6 7 8 Record the cash sales of $260,100. Note: Enter debits before credits Transaction General Journal Debit Credit Clear my View general journal [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: $260,100 a. Sold merchandise for cash (cost of merchandise 3145,430) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition for cash refund (original cost of merchandise $700) c. Sold merchandise (costing $5,85e) to a customer on account with terms/ae. d. Collected half of the balance owed by the customer in e. Granted a partial allowance relating to credit sales the custom chad not yet paid, 1.650 13,000 6,500 1,660 CP6-3 Part 4 4. Campus Stop is considering a contract to sell merchandise to a campus organization for $10,000. This merchandise will cost Campus Stop $9,800. 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 Pro Gross Prott Percentage