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:

Required information [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: a. Sold merchandise for cash (cost of merchandise $46,797) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) $87,200 for cash refund (original cost of merchandise $630. c. Sold merchandise (costing $9,025 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 19,000 9,500 paid. 304 3. Prepare journal entries to record transactions (al(e). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)