Required Information [The following information applies to the questions displayed below] 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 serchandise 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 teres n/se. 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 sade during the year. $.55,040 310 6,800 172 320 Prepare journal entries to record transactions (-(. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.)
Required Information [The following information applies to the questions displayed below] 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 serchandise 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 teres n/se. 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 sade during the year. $.55,040 310 6,800 172 320 Prepare journal entries to record transactions (-(. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me to solve this problem
![0
Required Information
[The following information applies to the questions displayed below]
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 serchandise returned by customers as unsatisfactory (but in perfect condition) for
cash refund (original cost of merchandise $280).
c. Sold merchandise (costing $6,468) to a customer on account with teres 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 serchandise (costing $200) after year-end from sales made during
the year.
View transaction list
Journal entry worksheet
<
3. Prepare journal entries to record transactions (a)-(. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
1
2
Transaction
a(1)
3
Note: Enter debits before credits.
Record entry
4
5
Sold merchandise for $55.040 cash. Record the entry.
General Journal
6
Clear entry
7
Debit
9
10
Credit
$ 55,040
View general journal
310
13,600
6,800
172
320](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1f2fac05-bac4-4133-acae-5b97f965cfbb%2Ff3810c1c-29d8-4182-9c06-353afdf48cf9%2Fuv2u3i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:0
Required Information
[The following information applies to the questions displayed below]
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 serchandise returned by customers as unsatisfactory (but in perfect condition) for
cash refund (original cost of merchandise $280).
c. Sold merchandise (costing $6,468) to a customer on account with teres 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 serchandise (costing $200) after year-end from sales made during
the year.
View transaction list
Journal entry worksheet
<
3. Prepare journal entries to record transactions (a)-(. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
1
2
Transaction
a(1)
3
Note: Enter debits before credits.
Record entry
4
5
Sold merchandise for $55.040 cash. Record the entry.
General Journal
6
Clear entry
7
Debit
9
10
Credit
$ 55,040
View general journal
310
13,600
6,800
172
320
![Required Information
[The following information applies to the questions displayed below.]
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 $38,957).
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for
cash refund (original cost of merchandise $280).
c. Sold merchandise (costing $6,468) to a customer on account with terms n/68.
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.
Required:
1. Compute Net Sales and Gross Profit for Ramos Hair Styling.
Net Sales
Gross Profit
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.
2. Compute the gross profit percentage. (Round your answer to 1 decimal place.)
Required Information
[The following information applies to the questions displayed below.]
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:
Gross Prolit Percentage
$ 55,848.
%
310
13,600
6,800
172
320
$ 55,040
310
13,600
6,800
172
320](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1f2fac05-bac4-4133-acae-5b97f965cfbb%2Ff3810c1c-29d8-4182-9c06-353afdf48cf9%2Fagpjap9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
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 $38,957).
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for
cash refund (original cost of merchandise $280).
c. Sold merchandise (costing $6,468) to a customer on account with terms n/68.
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.
Required:
1. Compute Net Sales and Gross Profit for Ramos Hair Styling.
Net Sales
Gross Profit
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.
2. Compute the gross profit percentage. (Round your answer to 1 decimal place.)
Required Information
[The following information applies to the questions displayed below.]
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:
Gross Prolit Percentage
$ 55,848.
%
310
13,600
6,800
172
320
$ 55,040
310
13,600
6,800
172
320
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