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.] Castillo Styling is a wholesaler of hair supplies. Castillo Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. sold nerchandise for caah (cost of merchandise $35,997 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect conditiqn) for cash refund (original cost of merehandise \$420). c. Sold merchandise (conting $10,450 ) to a customer on account with terma n/60. 22,000 d. Collected half of the balance oved by the custoner in (c). e. Granted a partial allowance relating to eredit sales the customer in (e) bad not yet. paid. during the year. A6-3 (Algo) Part 3 3. Prepare journal entries to record transactions ( o)-( (. (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 transaction/event, select "No Journal En Required" in the first account field.) 1 Sold merchandise for $64,000 cash. Record the entry. 2. The merchandise sold had a cost of $35,997. Record the entry. 3 Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $450 cash refund. Record the entry. 4. The merchandise returned had a cost of $420. Record the entry. 5 Sold merchandise to a customer for $22,000 on account with terms n/60. Record the entry. 6 The merchandise sold had a cost of $10,450. Record the entry. 7 Collected half of the $22,000 balance owed by the customer in transaction c. Record the entry. 8 Granted a partial $200 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 $460 sales made during the year. Record the entry. 10 The anticipated merchandise returns have a cost of $340. Record the entry. Note : O= journal entry has been entered Journal entry worksheet Sold merchandise for $64,000 cash. Record the entry. Note: Enter debits before credits. Journal entry worksheet The merchandise sold had a cost of $35,997. Record the entry. Note: Enter debits before credits. Journal entry worksheet Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $450 cash refund. Record the entry. Note: Enter debits before credits