Judie Co. sold rainbow popsicles that originally cost $30 for a selling price of $100 in cash. Which of the following would be part of the correct journal entry associated with this sale? O CREDIT to Net Income of $70 O DEBIT to Cash of $70 CREDIT to Inventory of $100 O CREDIT to Revenue of $100 O None of the above

Judie Co. sold rainbow popsicles that originally cost $30 for a selling price of $100 in cash. Which of the following would be part of the correct journal entry associated with this sale? O CREDIT to Net Income of $70 O DEBIT to Cash of $70 CREDIT to Inventory of $100 O CREDIT to Revenue of $100 O None of the above

Name: Judie Co. sold rainbow popsicles that originally cost $30 for a selli
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Description: Judie Co. sold rainbow popsicles that originally cost $30 for a selling price of $100 in cash. Which of the following would be partof the correct journal entry associated with this sale?CREDIT to Net Income of $70DEBIT to Cash of $70CREDIT to Invent

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 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 PA6-3 (Algo) Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %
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