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Business, 07.10.2021 17:00 bryan12376
Bailey's Beauty World is a wholesaler of hair supplies. Bailey's Beauty World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,597). $ 54,400 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $270). 300 c. Sold merchandise (costing $6,175) to a customer on account with terms n/60. 13,000 d. Collected half of the balance owed by the customer in (c). 6,500 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 170 f. Anticipate further returns of merchandise (costing $190) after year-end from sales made during the year. 310
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