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PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO...

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PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6- 5] [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: $ 23,200 a. Sold merchandise for cash (cost of merchandise $14,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $150 ). c. Sold merchandise (costing $3,088 ) 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. 250 6,500 3,250 104 1. Compute Net Sales and Gross Profit for Hair World. Net Sales Gross Profit 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage % Journal entry worksheet Record the sales on account of $6,500 on terms n/60. Note: Enter debits before credits. General Journal Debit Credit Transaction c(1) Journal entry worksheet

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