Required information [The following information applies to the questions displayed below.] Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,917). $ 62,080 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $390). 420 20,200 c. Sold merchandise (costing $9,595) 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 $310) after year-end from sales made during the year. 10,100 194 430 3. 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.) No 1 Transaction a(1) Answer is complete but not entirely correct. Cash Sales Revenue 2 a(2) Cost of Goods Sold Inventory General Journal Debit Credit 62,080 62,080 34,917 34,917 w 3 b(1) Sales Returns and Allowances 420 Cash 420 4 b(2) Inventory Cost of Goods Sold 390 390 5 c(1) Accounts Receivable Sales Revenue 20,200 20,200 6 c(2) Cost of Goods Sold 9,595 Inventory 9,595 7 d Cash Accounts Receivable 8 e Sales Returns and Allowances Accounts Receivable 9 f(1) Sales Returns and Allowances Inventory 10 f(2) Sales Returns and Allowances Accounts Receivable 10,100 10,100 194 194 430 430 310 310