Find: net sales, gross profit, gross profit percentage and journal entry

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: $43,200 a. Sold merchandise for cash (cost of merchandise $24,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $300 ). c. Sold merchandise (costing $4,275 ) 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. 500 9,000 4,500 144