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: $79,200 a. Sold merchandise for cash (cost of merchandise $42,797) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $570). c. Sold merchandise (costing $8,075 ) 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 paid. 950 17.000 8,500 272 PA6-3 Part 3 3. Prepare journal entries to record transactions (a)-(e) (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)