Could really use the help on this problem. Let me know if anything else is...

70.2K

Verified Solution

Question

Accounting

image

image

image

image

Could really use the help on this problem. Let me know if anything else is needed. Thank you!!!

Aug. 2 Sold a bundle of spa services with a merchandise basket. When sold separately, the spa service part of the bundle sells for $704 and the merchandise basket normally sells for $176. Together, the bundle was sold to Val Amy for cash at a selling price of $600 (total). Val booked a spa treatment for August 10, and she took the basket of goods with her. The goods had cost NGS $175. Aug. 3 Sold 5 identical items of merchandise to Cosmetics R Us on account at a selling price of $690 (total); terms n/30. The goods cost NGS $590. 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 $490 cash. The goods cost NGS $191. Aug.22 Cosmetics R Us paid its remaining account balance in full. Journal entry worksheet Record the credit given to Cosmetics R Us for returning 1 item in perfect condition. Note: Enter debits before credits. General Journal Debit Credit Date Aug 06 Record entry Clear entry View general journal Journal entry worksheet Record the deferred revenue. Note: Enter debits before credits. General Journal Debit Credit Date Aug 10 Record entry Clear entry View general journal 2-a. Calculate the Sales Revenue and Cost of Goods Sold for the transactions listed above (but exclude Service Revenue for spa services). Sales Revenue Cost of Goods Sold 2-b. What is Nicole's Getaway Spa's gross profit percentage (excluding Service Revenue)? (Round your answer to 1 decimal place.) Gross Profit Percentage

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students