Question
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:
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: a. Sold merchandise for cash (cost of merchandise $42,797). $79,200 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition), for cash refund (original cost of merchandise $570). 950 c. Sold merchandise (costing $8,075) to a customer, on account with terms 2/10, n/30. 17,000 d. Collected half of the balance owed by the customer in (c) within the discount period. 8,330 e. Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid 272 1.) Compute Sales Revenue, Net Sales, and Gross Profit for Hair World. sales revenue- net sales- gross profit- 1.) a.) commute gross profit percentage 1. b) prepare a journal entry to record transactions a-e Please!
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