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Hair World Inc. is a wholesaler...

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Accounting

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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: a. Sold nerchandise for cash (cost of merchandise $22,797 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) $39,200 for cash refund (original cost of merchandise $270 c. Sold merchandise (costing $4,038 to a custoner on account with terms n/60. d. Collected half of the balance owed by the eustoner in (e). e. Granted a partial allovance relating to credit sales the custoner in (c) had not yet 450 8,500 ,250 paid 136 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.) O Answer is not complete. Credit 39.200 22,797 450 o 270 a1) Cost of Goods Sold Accounts Payable b(2) Refund Liability ,500 Cost of Goods Sols 4,038 2.019 C Prev 6 7 | of 11 Next > 4 0

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