Required information [The following information applies to the questions displayed below.] Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise \$32,397). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $320 ). c. Sold merchandise (costing $7,600 ) to a customer on account with terms 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 (c) had not yet paid. f. Anticipate further returns of merchandise (costing $240 ) after year-end from sales made during the year. Prepare journal entries to record transactions ( a)(f). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: tnter aepits derore crealts. Required information [The following information applies to the questions displayed below.] Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise \$32,397). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise \$320). c. Sold merchandise (costing $7,600 ) to a customer on account with terms 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 (c) had not yet paid. f. Anticipate further returns of merchandise (costing $240 ) after year-end from sales made during the year. Hughes Hair Design is considering a contract to sell merchandise to a hair salon chain for $35,000. This merchandise will cost Hughes Hair Design $23,000. What would be the increase (or decrease) to Hughes Hair Design gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.)