Requlred Information PB6-3 (Algo) Recording Sales and Estimated and Actual Returns, and Analyzing Gross Profit Percentage [LO64,LO65] [The following information applies to the questions displayed below.] Hardware Heaven (HH) is a local hardware store. HH uses a perpetual Inventory system. The following transactions (summarlzed) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $236,350 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $1,375 ). c. Sold merchandise (costing $3,36 ) to a customer on account with terms n/3. 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 $1,290 ) after year-end from sales made during the year. PB6-3 (Algo) Part 3 3. Prepare journal entrles to record transactions (a)-( ). (If no entry is required for a transactlon/event, select "No Journal Entry Requlred" In the first account fleld.) 1 Sold merchandise for $530,000 cash. Record the entry. 2 The merchandise sold had a cost of $236,350. Record the entry. 3 Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $2,200 cash refund. Record the entry. 4 The merchandise returned had a cost of $1,375. Record the entry. 5 Sold merchandise to a customer for $5,600 on account with terms n/30. Record the entry. Note: = journal entry has been entered Required Information PB6-3 (Algo) Recording Sales 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.] Hardware Heaven (HH) is a local hardware store. HH uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $236,350 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $1,375 ). c. Sold merchandise (costing $3,36 ) to a customer on account with terms n/30. 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 $1,290 ) after year-end from sales made during the year. PB6-3 (Algo) Part 3 3. Prepare journal entrles to record transactions (a)-( f. (If no entry ls required for a transaction/event, select "No Journal Entry Requlred" In the first account fleld.) 6 The merchandise sold had a cost of $3,360. Record the entry. 7 Collected half of the $5,600 balance owed by the customer in transaction c. Record the entry. 8 Granted a partial $1,100 allowance relating to credit sales the customer in transaction c had not yet paid. Record the entry. 9 Anticipate further returns of merchandise after year-end from $2,000 sales made during the year. Record the entry. 10 The anticipated merchandise returns have a cost of $1,290. Record the entry