PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage (LO 6-4, LO 6- 5) [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: $51,200 a. sold merchandise for cash coat of merchandise $28,797) b. Received merchandise returned by cuntomers an unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $360) c. Sold merchandise (costing $4,750) to a customer on account with term n/60. d. Collected half of the balance owed by the customer in (e). .. Granted a partial allowance relating to credit sales the customer in re) had not yet paid. 600 10,000 5,000 160 PA6-3 Part 3 3. Prepare journal entries to record transactions (a)-le). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction ist Journal entry worksheet > 3 6 4 1 2 7 5