Required information [The following information applies to the questions displayed below] Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy Items. Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August. Aug. 2 Sold a bundle of spa services with a merchandise basket. when sold separately, the spa service part of the bundle sells for $448 and the nerchandise basket normally sells for $192. Together, the bundle was sold to Val Amy for cash at a selling price of $510 (total). Val booked a spa treatment for August 1e, and she took the basket of goods with her. The goods had cost NOS $115. Aug. 3 Sold 5 identical items of merchandise to Cosmetics R Us on account at a selling price of $570 (total); terns n/30. The goods cost NOS $470. Aug. 6 Cosmetics R Us returned one of the five items purchased on August 3. The item could still be sold by NGS in the future and credit was given to the customer. Aug. 10 Val Amy used one of the three spa treatments she had purchased as part of the bundle sold to her on August 2. Aug. 20 Sold two at-home spa kits to Heghan Mitzel for $370 cash. The goods cost Nas $131. Aug. 22 Cosmetics R Us paid its remaining account balance in full.
Required information [The following information applies to the questions displayed below] Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy Items. Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August. Aug. 2 Sold a bundle of spa services with a merchandise basket. when sold separately, the spa service part of the bundle sells for $448 and the nerchandise basket normally sells for $192. Together, the bundle was sold to Val Amy for cash at a selling price of $510 (total). Val booked a spa treatment for August 1e, and she took the basket of goods with her. The goods had cost NOS $115. Aug. 3 Sold 5 identical items of merchandise to Cosmetics R Us on account at a selling price of $570 (total); terns n/30. The goods cost NOS $470. Aug. 6 Cosmetics R Us returned one of the five items purchased on August 3. The item could still be sold by NGS in the future and credit was given to the customer. Aug. 10 Val Amy used one of the three spa treatments she had purchased as part of the bundle sold to her on August 2. Aug. 20 Sold two at-home spa kits to Heghan Mitzel for $370 cash. The goods cost Nas $131. Aug. 22 Cosmetics R Us paid its remaining account balance in full.
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 2TP: You have decided to open up a small convenience store in your hometown. As part of the initial...
Related questions
Question
100%
![Required information
[The following information applies to the questions displayed below.]
Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise.
She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy Items. Nicole uses a perpetual
inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The
following transactions were selected from among those completed by NGS in August.
Aug. 2 Sold a bundle of spa services with a merchandise basket. when sold separately, the spa service part of the
bundle sells for $448 and the merchandise basket normally sells for $192. Together, the bundle was sold to Val
Amy for cash at a selling price of $510 (total). Val booked a spa treatment for August 1e, and she took the
basket of goods with her. The goods had cost NGS $115.
Aug. 3 Sold 5 identical items of merchandise to Cosmetics R US on account at a selling price of $570 (total); terms
n/30. The goods cost NGS $470.
Aug. 6 Cosmetics R Us returned one of the five items purchased on August 3. The item could still be sold by NGS in the
future and credit was given to the customer.
Aug. 10 Val Amy used one of the three spa treatments she had purchased as part of the bundle sold to her on August 2.
Aug. 20 Sold two at-home spa kits to Meghan witzel for $370 cash. The goods cost NGS $131.
Aug. 22 Cosmetics R Us paid its remaining account balance in full.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8bc75d06-4c0c-4cc0-a036-58467a8cc6ec%2F2626b4ed-6e02-440b-9aa3-ce7eb0d671d4%2Fux5a3ng_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise.
She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy Items. Nicole uses a perpetual
inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The
following transactions were selected from among those completed by NGS in August.
Aug. 2 Sold a bundle of spa services with a merchandise basket. when sold separately, the spa service part of the
bundle sells for $448 and the merchandise basket normally sells for $192. Together, the bundle was sold to Val
Amy for cash at a selling price of $510 (total). Val booked a spa treatment for August 1e, and she took the
basket of goods with her. The goods had cost NGS $115.
Aug. 3 Sold 5 identical items of merchandise to Cosmetics R US on account at a selling price of $570 (total); terms
n/30. The goods cost NGS $470.
Aug. 6 Cosmetics R Us returned one of the five items purchased on August 3. The item could still be sold by NGS in the
future and credit was given to the customer.
Aug. 10 Val Amy used one of the three spa treatments she had purchased as part of the bundle sold to her on August 2.
Aug. 20 Sold two at-home spa kits to Meghan witzel for $370 cash. The goods cost NGS $131.
Aug. 22 Cosmetics R Us paid its remaining account balance in full.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage