Hair Care Inc. is a wholesaler of hair supplies. Hair Care uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:

1. Compute Sales Revenue, Net Sales, and Gross Profit for Hair World.

2. Compute the gross profit percentage.

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.)
 
 
 

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) Sold merchandise (costing $4,750) to a customer, on account with terms 2/10, n/30 d. Collected half of the balance owed by the customer in (c) within the discount period e. Granted an allowance to the customer in (c) a. $51,200 600 10,000 4,900 c. 160