the qu [The following information appies Kelly Creations is a wholesaler of hair supplies, Kelly Creations uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 59,520 380 17,800 8.900 a. Sold merchandise for cash (cost of merchandise $33,477). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $350). c. Sold merchandise (costing $8,455) to a customer on account with terma n/60. d. Collected half of the balance owed by the customer in (e), .. Granted a partial allowance relating to credit anles the customer in (c) had not yet paid. 1. Anticipate further returns of merchandise (conting $270) after year and from sales made during the year. 186 390 PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Kelly Creations. Net Sales Gross Profit 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage % Journal entry worksheet Sold merchandise for $59,520 cash. Record the entry. Note: Enter debits before credits. Transaction General Journal Debit Credit a(1) 10 1 Sold merchandise for $59,520 cash. Record the entry. 2 The merchandise sold had a cost of $33,477. Record the entry. 3 Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $380 cash refund. Record the entry. Credit 4 The merchandise returned had a cost of $350. Record the entry. 5 Sold merchandise to a customer for $17,800 on account with terms n/60. Record the entry. Note: - Journal entry has been entered Record entry Clear entry View general Journa 10 5 Sold merchandise to a customer for $17,800 on account with terms n/60. Record the entry. 6 The merchandise sold had a cost of $8,455. Record the entry. 7 Collected half of the $17,800 balance owed by the customer in transaction c. Record the entry. Credit 8 Granted a partial $186 allowance relating to credit sales the customer in transaction c had not yet paid. Record the entry, 9 Anticipate further returns of merchandise after year-end from $390 sales made during the year. Record the entry. Note : = journal entry has been entered Rodant nnala VIDROLIAN 0 Required information EX! 10 6 The merchandise sold had a cost of $8,455. Record the entry 7 Collected half of the $17,800 balance owed by the customer in transaction c. Record the entry. 8 Granted a partial $186 allowance relating to credit sales the customer in transaction c had not yet paid. Record the entry Credit 9 Anticipate further returns of merchandise after year-end from $390 sales made during the year. Record the entry. 10 The anticipated merchandise returns have a cost of $270. Record the entry. Note : journal entry has been entered 4. Kelly Creations is considering a contract to sell merchandise to a hair salon chain for $41000. This merchandise will cost Kelly Creations $26,900. What would be the increase for decrease) to Kelly Creations gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) by Gross Profit Gross Profit Percentage to %