Prepare journal entries to record transactions ( a )–( e ). (If no entry is requ

Question

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.)

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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.)

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: 1. Compute Sales Revenue. Net Sales, and Gross Profit for Hair World. 2. Compute the gross profit percentage. 3. Prepare journal entries to record transactions (a)-(e).

Explanation / Answer

Journal entry

a) Cash 55,200

   Sales 55,200

b) Sales return 650

   Cash 650

c) Receivables 11,000

   Sales 11,000

d) Cash 5,390

   Receivables 5,390

e) Allowance 176

Receivables 176

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