8 points eBook Print References ^ 1 2 Transaction a(1) 3 Note: Enter debits before credits. Service Revenue Inventory Record entry 4 Sold merchandise for $51,840 cash. Record the entry. 5 General Journal 6 Clear entry 7 8 Debit 9 51,840 10 Credit 51,840 View general journal

Sold merchandise for $51,840 cash. Record the entry. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $29,157 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $230 ). c. Sold rerchandise (costing $5,035 ) to a customer on account with terms n/60. d. Collected half of the balance owed by the custoner in (c). e. Granted a partial allowance relating to credit sales the custor paid. f. Anticipate fu-ther returns of nerchandise (costing \$150) after year-end from sales made 551,840 during the year. 162 270 Required: 1. Compute Net Sales and Gross Profit for Hughes Hair Design