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Required information PA6-3 (Static) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5) [The following information applies to the questions displayed below) Hair World Incorporated 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 $28,797). $ 51,200 b. Received merchandise returned by customers an unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $220). 250 e. Sold merchandise (costing $4,750) to a customer on account with terms 1/60. 10,000 d. Collected half of the balance owed by the customer in (c). 5.000 e. Granted a partial allowance relating to credit sales the customer in (e) had not yet paid. f. Anticipate further returns of merchandise (costing $140) after year-end from sales made during the year. 350 160 3. Prepare journal entries to record transactions (a)(. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Sold merchandise for $51,200 cash. Record the entry. Note: Enter debits before credits Transaction General Journal Debit Credit a(1) Journal entry worksheet The merchandise sold had a cost of $28,797. Record the entry. Note: Enter debits before credits. Transaction a(2) General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet 2 3 4 5 6 7 8 9 10 > Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $250 cash refund. Record the entry. Note: Enter debits before credits. Transaction General Journal Debit Credit b(1) Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > The merchandise returned had a cost of $220. Record the entry. Note: Enter debits before credits. Transaction General Journal Debit Credit b(2) Record entry Clear entry View general Journal Journal entry worksheet Sold merchandise to a customer for $10,000 on account with terms n/30. Record the entry Note: Enter debits before credits. General Journal Transaction c(1) Debit Credit Record entry Clear entry View general journal Journal entry worksheet Collected half of the $10,000 balance owed by the customer in transaction c. Record the entry. Note: Enter debits before credits. General Journal Transaction d Debit Credit Record entry Clear entry View general Journal Journal entry worksheet Granted a partial $160 allowance relating to credit sales the customer in transaction c had not yet paid. Record the entry. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet Anticipate further returns of merchandise after year-end from $350 sales made during the year. Record the entry. Note: Enter debits before credits. Transaction General Journal Debit Credit f(1) Record entry Clear entry View general Journal Journal entry worksheet