Please help correct question 1-2 and help finish 3.
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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 applies to the questions displayed below.] Balley'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 merchandise for eanh (cont of merehandise $33,837 ). a. Hocelved merchanaise returned by custosers as unsatisfactory (but in perfect condition) c. Sold morehandise (costing $8,740 ) to a cuatomer on account with terma n/60. d. Coliected half of the balance oved by the custoner in (e). for cash refund (original coat of merchandise $360 ). d. Granted a partial allowance relating to credit nalen the customer in (c) had not yet paid. f. Antieipate furtber returns of merehandine (costing 5280 ) aftor year-end from aales made daring the year. PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Balley's Beauty World. Answer is complete but not entirely correct. 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 applies to the questions displayed below.] Bailey's Beauty World is a wholesaler of hair supplles. Bailey's Beauty World uses a perpetual inventory system, The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cont of merchandise $33,837 ). b. Received merchandise returned by customers as unsatinfactory (but in perfect condition) for cash refund (original cost of merchandise $360 ). o. 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). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet: f. Antieipate further returns of merchandise (costing $280 ) after year-end from nalen made during the year. paid. 400 PA6-3 (Algo) Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) (x) Answer is complete but not entirely correct. 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 system. The following transactions (summarized) have been selected for analysis: b. Received merchandine returned by custoners as unsatistactory (but in perfect condition) $60,160 a. Sold merchendise for cash (cost of merchandise $33,837 ). c. Sold merchandise (costing $8,740 ) to a custoser on account with terma n/60. d. Collected half of the balance oved by the customer in (c). e. Granted a partial allovance relating to credit sales the customer in (c) had not yet 9,20000 188 for cash refund (original cost of merehandise $360 ). f. Antieipate further returns of nerchandise (costing $280 ) after year-end froon 8ales made 400 during the year. PA6-3 (Algo) Part 3 3. Prepare journal entries to record transactions (a)-(1). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 3. Prepare journal entries to record transactions (a)(). (If no entry is required for a transactior 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
