Please help correct (3 parts)
Required information PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5] [The following information applles to the questions displayed beiow] Bailey's Beauty World is a wholesaler of hair supplies. Bailey's Beauty World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold mrchandise tor canh (eost of merehandine $33,837 ). b. Seceived merehandise returned by cuntomers ns unsatisfactory (but in pertect condition) c. Sold merchandise (costing 58,740 ) to a custemer on account with terns n/60. tor canh refund (original cost of perchandise $360 ). e. Cranted a partial allowance relating to eredit nalea the custoner in (e) had not yet. p. Antieipate further returns of merchandise (conting $280 ) after year-end troa sales made during the year. during the year. PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Bailey's Beauty Worid. Answer is complete but not entirely correct. Required information PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Ana Profit Percentage [LO 6-4, LO 6-5] [The following information applies to the questions displayed below.] Bailey's Beauty World is a wholesaler of hair supplies. Bailey's Beauty World uses a perpetual inventory following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,837 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $360). c. Sold merchandise (costing $8,740) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). c. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $280 ) after year-end from sales made during the year. A6-3 (Algo) Part 2 Compute the gross profit percentage. (Round your answer to 1 decimal place.) Answer is complete but not entirely correct. Profit Percentage [LO 6-4, LO 6-5] [The following information applies to the questions displayed below.] Balley's Beauty World is a wholesaler of hair supplies. Balley's Beauty World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: b. Received morehandise returned by customera as unsatiafactory (bat in perfect condition) $50,160 a. Sold merehandise for cash (cost of merchandise $33,837 ). c. Sold merchandise (conting $8,740 ) to a cuntomer on aceount with teras n/60. d. Colieeted half of the balance oved by the custoner in (c). for oash refund (original coit of nerchandise $360 ). e. Granted a portial allowance relating to credit sales the customer in (c) had not yet 198 . 6. Antieipate further returns of merchandise (costing $280 ) after year-end from ealez made during the year. A6-3 (Algo) Part 3 3. Prepare journal entries to record transactions (a)-( ). (If no entry is required for a transaction/event, select "No Journal Entr Required" in the first account field.) f. Antioipate further returns of merchandise (costing $280 ) afte during the year. PA6-3 (Algo) Part 3 3. Prepare journal entries to record transactions (a)-(f). (If no entry is required Required" in the first account field.) The merchandise sold had a cost of $8,740. Record the entry. 7 Collected half of the $18,400 balance owed by the customer in transaction c. Record the entry. 8 Granted a partial $188 allowance relating to credit sales the customer in transaction c had not yet paid. Record the entry. 9 Anticipate further returns of merchandise after year-end from $400 sales made during the year. Record the entry. 10 The anticipated merchandise returns have a cost of $280. Record the entry. Note : = journal entry has been entered
