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

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 1 Required: 1. Compute Net Sales and Gross Profit for Ramos Hair Styling. Net Sales Gross Profit S

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A customer returned merchandise purchased with cash with a sales price of $7,500. The cost of goods was $3,000. Which of the following represents the correct way to record this transaction assuming an adjusting entry had been prepared for estimated​ returns?         A. Refunds Payable 7,500        Sales Revenue   7,500       Merchandise Inventory 3,000        Estimated Returns Inventory   3,000   B. Refunds Payable 7,500        Cash   7,500       Merchandise Inventory 3,000        Estimated Returns Inventory   3,000   C. Sales Returns and Allowances 7,500        Cash   7,500       Estimated Returns Inventory 3,000        Merchandise Inventory   3,000   D. Sales Revenue 7,500        Cash   7,500       Merchandise Inventory 3,000        Cost of Goods Sold   3,000

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 %

[The following information applies to the questions displayed below.]   Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:   a. Sold merchandise for cash (cost of merchandise $32,397). $ 57,600 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $320). 350 c. Sold merchandise (costing $7,600) to a customer on account with terms n/60. 16,000 d. Collected half of the balance owed by the customer in (c). 8,000 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 180 f. Anticipate further returns of merchandise (costing $240) after year-end from sales made during the year. 360   Prepare journal entries to record transactions (a)–(f). (If no entry is required for a transaction/event, select "No Journal Entry Required"…

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M&M Corp. paid its supplier $300 in cash for inventory that it had previously purchased on account. Which of the following would be part of the correct journal entry? DEBIT to Accounts Payable for $300 DEBIT to Inventory for $300 DEBIT to Cost of Goods Sold for $300 DEBIT to Accounts Receivable for $300

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