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CP$6-3($Algo$)$ Recording Cash Sales, Credit Sales, Estimated and Actual Sales Returns, and Sales Allowances, and Analyzing Gross Profit Percentage $[$LO $6-4,$ LO $6-6]$

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$[$The following information applies to the questions displayed below.$]$

Grayson & Kim Books, is a student co$-$op$.$ Grayson & Kim Books uses a perpetual inventory system. The following transactions $($summarized$)$ have been selected for analysis:

a$.$ Sold merchandise for cash $($cost of merchandise $$175,870).$ $ $321,750$

b$.$ Received merchandise returned by customers as unsatisfactory $($but in perfect condition$)$ for cash refund $($original cost of merchandise $$668).1,650$

c$.$ Sold merchandise $($costing $$10,530)$ to a customer on account with terms n$/30.23,400$

d$.$ Collected half of the balance owed by the customer in $($c$).11,700$

e$.$ Granted a partial allowance relating to credit sales the customer in $($c$)$ had not yet paid. $1,440$

f$.$ Anticipate further returns of merchandise $($costing $$234)$ after month$-$end from sales made during the month. $870$

CP$6-3($Algo$)$ Part $3$

Prepare journal entries to record transactions $($a$)$ to $($f$).($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$