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 supplies. Bailey's Beauty World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 54,480 6. Sold merchandise for cash (cost of merchandise $30,597). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $270). C. Sold merchandise (costing $6,175) to a customer on account with terms n/6e. 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 paid. f. Anticipate further returns of merchandise (costing $190) after year-end from sales made during the year. 320 13,000 6,580 178 310 PA6-3 (Algo) Part 3 3. Prepare journal entries to record transactions (a)-(7. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet Sold merchandise for $54,400 cash. Record the entry. Note: Enter debits before credits General Journal Debit Credit Transaction a(1) Record entry Clear entry View general journal