Recording sales with discounts an estimated an actual returns and analyzing gross profit percentage

-prepare journal entries to record transactions a through F

Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,197. b. Recelved merchandise returned by customens as unsatisfactory (but in perfect condition) for cash refund (original cost of mecchandise $370 ). c. Sold zerchandise (costing $9,825) to a custoren on account with terms n/6e: d. tollected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the custorer in (c) had not yet paid: f. Anticipate further returns of merchandise (costing S2pe) after yeartend from salef made durzil the year. Journal entry worksheet Sold merchandise for $60,800 cash. Record the entry. Note: Enter debits before credits. 1 Sold merchandise for $60,800 cash. Record the entry. 2 The merchandise sold had a cost of $34,197. Record the entry. 3 Received merchandise returned by customers as unsatisfactory (but in perfect condition) for 5400 cash refund. Record the entry. 4 The merchandise returned had a cost of 5370 . Record the entry. 5 Sold merchandise to a customer for $19,000 on account with terms n/60. Record the entry. 6 The merchandise sold had a cost of $9,025. Record the entry. 7 Collected half of the $19,000 balance owed by the customer in transaction c. Record the entry. 8 Granted a partial $190 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 $410 sales made during the year. Record the entry. 10 The anticipated merchandise returns have a cost of 5290 . Record the entry