U y Work 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: 575,200 a. Sold merchandise for cash cost of merchandise $40,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect conditions for cash retund (original cost of merchandise $540). 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 (e). e. Granted a partial allowance relating to credit sales the customer in o) had not yet paid. 900 16,000 8,000 256 Required: 1. Compute Net Sales and Gross Profit for Hair World Net Sales Gross Profit $ $ 90,300 42,699 Check my work 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: $75,200 a. Sold merchandise for cash cost of merchandise $40,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $540 ). 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 (e). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 900 16,000 8.000 256 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage % 092 8 7 Check my work 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 1 2 3 4 5 6 7 8 Record the cash sales of $75,200. Note: Enter debits before credits. General Journal Debit Credit Transaction a(1) Record entry Clear entry View general Journal ek my work 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: $75,200 a. Sold merchandise for cash (cost of merchandise $40,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $540). 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 (e) had not yet paid. 900 16,000 8,000 256 4. Hair World is considering a contract to sell merchandise to a hair salon chain for $21,000. This merchandise will cost Hair World $12,880. What would be the increase or decrease) to Hair World's gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) Gross Profit Gross Profit Percentage by to %
