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:

a.	Sold merchandise for cash (cost of merchandise $27,797)	$	50,200
b.	Received merchandise returned by customers as unsatisfactory (but in perfect condition), for cash refund (original cost of merchandise $260)		500
c.	Sold merchandise (costing $4,250) to a customer, on account with terms 1/10, n/30		10,000
.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) 110		4,950
e.	Granted an allowance to the customer in (c)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.)

Required: 1. Compute Sales Revenue, Net Sales, and Gross Profit for Hair World. $ 60,200 Sales revenue Net sales Gross profit $ 59,590 X 27,803 X $ 2. Compute the gross profit percentage. (Round your answer to the nearest whole percent.) Gross profit percentage 46 % No Transaction General Journal Debit Credit 1 a-1. Accounts receivable 50,200 Sales revenue 50,200 2 a-2. 27,797 Cost of goods sold Inventory 27,797 3 b-1. Sales returns and allowances 500 > Cash 500 4 b-2. 260 Inventory Cost of goods sold 260 5 C-1. Accounts receivable 10,000 Sales revenue 10,000 6 C-2. Cost of goods sold 4,250 4. Hair Care is considering a contract to sell merchandise to a hair salon chain for $14,000. This merchandise will cost Hair Care $10,000. (a) Compute the new gross profit percentage. (Round your answer to the nearest whole percent.) New gross profit percentage 29 X %