Required information PA6-3 (Static) 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.] Hair World Incorporated is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $28,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $220 ). c. Sold merchandise (costing $4,750 ) to a customer on account with terms n/60. 10,000 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 160 f. Anticipate further returns of merchandise (costing $140 ) after year-end from sales made during the year. A6-3 (Static) Part 3 Prepare journal entries to record transactions (a)-( ). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) ivote: ccer aediss derore creaics. Journal entry worksheet The merchandise sold had a cost of $28,797. Record the entry. Note: Enter debits before credits. Journal entry worksheet Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $250 cash refund. Record the entry. Note: Enter debits before credits. Journal entry worksheet 1 2 The merchandise returned had a cost of $220. Record the entry. Note: Enter debits before credits. Journal entry worksheet 2 Sold merchandise to a customer for $10,000 on account with terms n/30. Record the entry. Note: Enter debits before credits. Journal entry worksheet 1 2 The merchandise sold had a cost of $4,750. Record the entry. Note: Enter debits before credits. Journal entry worksheet 1 2 Collected half of the $10,000 balance owed by the customer in transaction c. Record the entry. Note: Enter debits before credits. Journal entry worksheet 1 2 Granted a partial $160 allowance relating to credit sales the customer in transaction c had not yet paid. Record the entry. Note: Enter debits before credits. Journal entry worksheet 1 2 3 Anticipate further returns of merchandise after year-end from $350 sales made during the year. Record the entry. Journal entry worksheet 1 2 3 The anticipated merchandise returns have a cost of $140. Record the entry. Note: Enter debits before credits