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14 ! Part 3 of 4 Required information PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6- 5)

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14 ! Part 3 of 4 Required information PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6- 5) (The following information applies to the questions displayed below.) Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: 5.88 points eBook $51,200 a. Sold merchandise for cash (cost of merchandise $28,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $360). c. Sold merchandise (costing $4,750) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (e). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. Print 600 10,000 5,000 160 References 4 PA6-3 Part 3 3. Prepare journal entries to record transactions (a)-(e). (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction et Journal entry worksheet 1 2 3 4 5 6 7 8 Record the cash sales of $51,200. 15 Pana ora Part 4 of 4 Required information PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6- 5) [The following information applies to the questions displayed below.) Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: 5.88 points $51,200 eBook a. Sold merchandise for cash cost of merchandise $28,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $360). c. Sold merchandise (costing $4,750) 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 (e) had not yet paid. Print 600 10,000 5,000 References 160 PA6-3 Part 4 4. Hair World is considering a contract to sell merchandise to a hair salon chain for $15,000. This merchandise will cost Hair World $10.000. What would be the increase for decrease) to Hair World's gross profit and gross profit percentage? (Round "Gross Profit Percentage to 1 decimal place.) Gross Profit Gross Profit Percentage by to

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