question 6

Required Information PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6. 5) [The following information apples 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: 583,200 3. Sola merchandise for cash (cost of merchandise $44,797). b. Received merchandise returned by customers as unsatisfactory out in perfect condition) for cash refund (original cost of merchandise 5600), C. Sold merchandise (costing $8,550 ) to a customer on account with terns 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 poid. 1,000 18,000 9,000 233 PA6-3 Part 3 3. Prepare journal entries to record transactions (e-le. (if no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list 1 Record the cash sales of $83,200. 2 Record the cost of goods sold of $44,797. 3 Record the return by a customer of unsatisfactory merchandise that was in perfect condition. A cash refund of $1,000 was given to the customer. Record the merchandise returned by the customer back into inventory. The original cost of the merchandise was Credit $600. 5 Record the sales on account of $18,000 on terms 1/60. 6 Record the cost of goods sold of $8,550. Note: - journal entry has been entered Record entry Clear entry View general journal 6 Record the cost of goods sold of $8,550. Credit 7 Record the collection of half of the balance of $9,000 owed by the customer within the discount period. B Record the allowance of $288 granted to the customer. Note: = journal entry has been entered Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 4 5 6 7 8 > Record the cash sales of $83,200. Not: Enter debits before credits Transaction General Journal Deba Record entry Clewendy View general journal