Required information [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: $67,200 a. Sold merchandise for cash (cost of merchandise $36,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $480 ). c. Sold merchandise (costing $6,650 ) 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. 800 14,000 7,000 224 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 3. Prepare journal entries to record transactions (a)-(e). (If no entry is required for a transaction/event, select "No Jou Required" in the first account field.) 0.4 points View transaction list eBook EX: References Record the cash sales of $67,200. > Record the cost of goods sold of $36,797. vas in 3 Record the return by a customer of unsatisfactory merchandise that was in perfect condition. A cash refund of $800 was given to the customer. 4 Credit Record the merchandise returned by the customer back into inventory. The original cost of the merchandise was $480. 5 Record the sales on account of $14,000 on terms n/60. 6 Record the cost of goods sold of $6,650. Note : = journal entry has been entered Record entry Clear entry View general iournal 0.4 points View transaction list X eBook > merchandise that was in perfect condition. A cash refund of $800 was given to the customer. References vas in 4 Record the merchandise returned by the customer back into inventory. The original cost of the merchandise was $480. 5 Record the sales on account of $14,000 on terms n/60. Credit 6 Record the cost of goods sold of $6,650. 7 Record the collection of half of the balance of $7,000 owed by the customer within the discount period. 8 Record the allowance of $224 granted to the customer. Note : = journal entry has been entered Record entry Clear entry View general journal