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Required information [The following information applies to the questions displayed below.] Kelly Creations is a...

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Accounting

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Required information [The following information applies to the questions displayed below.] Kelly Creations is a wholesaler of hair supplies. Kelly Creations uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,237). $ 53,760 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $260). 290 c. Sold merchandise (costing $5,890) to a customer on account with terms n/60. 12,400 6,200 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. 168 f. Anticipate further returns of merchandise (costing $180) after year-end from sales made during the year. 300 3. Prepare journal entries to record transactions (a)-(f). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Transaction General Journal Debit Credit a(1) Cash 53,760 Sales Revenue 53,760 a(2) 30,237 30,237 b(1) 290 290 1 2 3 Inventory Inventory Inventory Cash X

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