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: $19,200 a. Sold merchandise for cash cost of merchandise $12,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $120). c. Sold merchandise (costing $2,850) 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 200 6,000 3,000 paid. 96 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 list IX: 1 Record the cash sales of $19,200. 2 Record the cost of goods sold of $12,797. 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: $19,200 a. Sold merchandise for cash (cost of merchandise $12,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $120 ). c. Sold merchandise (costing $2,850 ) 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. 200 6,000 3,000 96 PA6-3 Part 4 4. Hair World is considering a contract to sell merchandise to a hair salon chain for $11,000. This merchandise will cost Hair World $8,080. 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 %