Hello I need help on 7 and 8 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 $26,797). $ 47,200 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $330 ). 550 c. Sold merchandise (costing $4,513 ) to a customer on account with terms n/60. 9,500 d. Collected half of the balance owed by the customer in (c). 4,750 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 152

Discount on Bonds Payable 7 d 2,598 2,598X Accounts Receivable Refund Liability 8 152 e Accounts Receivable 152