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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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.
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