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The transactions listed below are typical of those involving New Books Incorporated and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended August 31. a. New Books sold merchandise to Readers' Corner at a selling price of $630,000. The merchandise had cost New Books $447,000. b. Two days later, Readers' Corner complained to New Books that some of the merchandise differed from what Readers' Corner had ordered. New Books agreed to give an allowance of $11,500 to Readers' Corner. Readers' Corner also returned some books, which had cost New Books $3,600 and had been sold to Readers' Corner for $5,100. No further returns are expected. c. Just three days later, Readers' Corner paid New Books, which settled all amounts owed. 2. Prepare the journal entries that Readers' Corner would record. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) The following transactions were selected from among those completed by Bear's Retail Store: November 20 sold two items of nerchandise to Cheryl Jahn, who paid the $430 salea price in cash. The goods coat Bear's $320. Novesber 25 sold 20 itens of merchandise to vasko Athletics at a selling price of $4,200 (total); terms 3/10, n/30. The goods cost Bear's $2,600. November 28 Sold 10 ideotical itens of merchandise to Nancy's Gym at a selling price of $6,200 (total); terns 3/10, n/30. The goods cost Bear's $4,100. Novenber 29 Wancy's Gym returned one of the items purchased on the 28 th. The item was in perfect condition and eredit was given to the customer on account. No further returns are expected. December 6 Nancy" G Gm pald the account balasce in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Compute the Net Sales to be reported over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.) The transactions listed below are typical of those involving New Books incorporated and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms n/3O, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended August 31 . a. New Books sold merchandise to Readers' Corner at a selling price of $630,000. The merchandise had cost New Books $447,000. b. Two days later, Readers' Comer complained to New Books that some of the merchandise differed from what Readers' Corner had ordered. New Books agreed to give an allowance of $11,500 to Readers' Cornec. Readers' Corner also returned some books, which had cost New Books $3,600 and had been sold to Readers' Corner for $5,100. No further returns are expected. c. Just three days later, Readers' Corner paid New Books, which settled all amounts owed. Required: 1. Indicate the amount and direction of the effect ( + for increase, - for decrease, and No effect) of each transaction on the inventory balance of Readers' Corner. Required information [The following information applies to the questions displayed below] Ross \& Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The I transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $29,877 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $250 ). c. Sold merchandise (costing $5,605 ) to a customer on account with terms n/60. 553,120 d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to oredit sales the customer in (c) had not yet paid. f. Anticipate further returni of merehandise (costing 5170 ) after year-end trom sales made during the year. 280 11,800 5,900 166 290 Required: 1. Compute Net Sales and Gross Profit for Ross. The transactions listed below are typical of those involving New Books Incorporated and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended August 31. a. New Books sold merchandise to Readers' Corner at a selling price of $630,000. The merchandise had cost New Books $447,000. b. Two days later, Readers' Corner complained to New Books that some of the merchandise differed from what Readers' Corner had ordered. New Books agreed to give an allowance of $11,500 to Readers' Corner. Readers' Corner also returned some books, which had cost New Books $3,600 and had been sold to Readers' Corner for $5,100. No further returns are expected. c. Just three days later, Readers' Corner paid New Books, which settled all amounts owed. 2. Prepare the journal entries that Readers' Corner would record. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) The following transactions were selected from among those completed by Bear's Retail Store: November 20 sold two items of nerchandise to Cheryl Jahn, who paid the $430 salea price in cash. The goods coat Bear's $320. Novesber 25 sold 20 itens of merchandise to vasko Athletics at a selling price of $4,200 (total); terms 3/10, n/30. The goods cost Bear's $2,600. November 28 Sold 10 ideotical itens of merchandise to Nancy's Gym at a selling price of $6,200 (total); terns 3/10, n/30. The goods cost Bear's $4,100. Novenber 29 Wancy's Gym returned one of the items purchased on the 28 th. The item was in perfect condition and eredit was given to the customer on account. No further returns are expected. December 6 Nancy" G Gm pald the account balasce in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Compute the Net Sales to be reported over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.) The transactions listed below are typical of those involving New Books incorporated and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms n/3O, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended August 31 . a. New Books sold merchandise to Readers' Corner at a selling price of $630,000. The merchandise had cost New Books $447,000. b. Two days later, Readers' Comer complained to New Books that some of the merchandise differed from what Readers' Corner had ordered. New Books agreed to give an allowance of $11,500 to Readers' Cornec. Readers' Corner also returned some books, which had cost New Books $3,600 and had been sold to Readers' Corner for $5,100. No further returns are expected. c. Just three days later, Readers' Corner paid New Books, which settled all amounts owed. Required: 1. Indicate the amount and direction of the effect ( + for increase, - for decrease, and No effect) of each transaction on the inventory balance of Readers' Corner. Required information [The following information applies to the questions displayed below] Ross \& Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The I transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $29,877 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $250 ). c. Sold merchandise (costing $5,605 ) to a customer on account with terms n/60. 553,120 d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to oredit sales the customer in (c) had not yet paid. f. Anticipate further returni of merehandise (costing 5170 ) after year-end trom sales made during the year. 280 11,800 5,900 166 290 Required: 1. Compute Net Sales and Gross Profit for Ross

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