Required informationCP6-3 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: a.Sold merchandise for cash (cost of merchandise $152,590).$276,700 b.Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $810). 1,610 c.Sold merchandise (costing $9,450) to a customer on account with terms n/30. 21,000 d.Collected half of the balance owed by the customer in (c). 10,500 e.Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,820 CP6-3 Part 1Required:Compute Net Sales and Gross Profit for Campus Stop.

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Answered: Required information CP6-3 Recording…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.2P: Sales-related transactions The- following selected transactions were completed by Affordable...

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Required information

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:


a.	Sold merchandise for cash (cost of merchandise $152,590).	$	276,700
b.	Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $810).		1,610
c.	Sold merchandise (costing $9,450) to a customer on account with terms n/30.		21,000
d.	Collected half of the balance owed by the customer in (c).		10,500
e.	Granted a partial allowance relating to credit sales the customer in (c) had not yet paid.		1,820

CP6-3 Part 1

Required:

Compute Net Sales and Gross Profit for Campus Stop.

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