Business, 15.10.2019 00:00 joshuakirby
Cycle wholesaling sold merchandise on account, with terms n/60, to sarah’s cycles on february 1 for $1,200 (cost of goods sold of $700). on february 9, sarah’s cycles returned to cycle wholesaling one-quarter of the merchandise from february 1 (cost of goods returned was $190). cycle wholesaling uses a perpetual inventory system, and it allows returns only within 15 days of initial sale. required: 1. to 3. prepare the journal entry to record the sales, goods returned on february 9 and cash collected on march 2. 4. calculate the gross profit percentage for the sale to sarah’s cycles.
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Cycle wholesaling sold merchandise on account, with terms n/60, to sarah’s cycles on february 1 for...
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