Required information PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6- 5) [The following information applies 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: $27,200 a. Sold merchandise for cash (cost of merchandise $16,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $180 ). c. Sold merchandise (costing $3,325 ) to a customer on account with terma 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 (e) had not yet paid. 300 7,000 3,500 112 PA6-3 Part 1 Required: 1. Compute Net Sales and Gross Profit for Hair World, Net Sales Gross Profit PA6-3 Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage % PA6-3 Part 3 3. Prepare journal entries to record transactions (a)-(e). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Record the cash sales of $27,200. Note: Enter debits before credits. Transaction a(1) General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet Record the return by a customer of unsatisfactory merchandise that was in perfect condition. A cash refund of $300 was given to the customer. Note: Enter debits before credits. Transaction General Journal b(1) Debit Credit Record entry Clear entry View general Journal Journal entry worksheet Record the cost of goods sold of $3,325. Note: Enter debits before credits. Transaction General Journal Debit Credit c(2) Record entry Clear entry View general journal Journal entry worksheet