a. On October 1, the Business Students' Society (BSS) placed an order for 260 golf shirts at a unit cost of $20, under terms 210, n.30. b. The order was received on October 10, but some golf shirts differed from what had been ordered. Uncertain whether the shirts would be returned or kept, BSS decided to record any purchase discount only when taken (using the gross method). c. On October 11, 30 golf shirts were returned to the supplier. d. On October 12. BSS complained the remaining golf shirts were slightly defective so the supplier granted a $200 allowance. e BSS pald for the golf shirts on October 13. During the first week of October. BSS received student and faculty orders for 240 golf shirts, at a unit price of $76. on terms 270, n.30. g. The golf shirts were delivered to these customers on October 18. Unfortunately, customers were unhappy with the golf shirts. So BSS permitted them to be returned or given an allowance (see hand ). n. Uncertain whether customers would keep or return the shirts. BSS decided to record any sales discount only when taken using the gross method). On October 19, one-half of the golf shirts were returned by customers to BSS. J. On October 20. an allowance was given on account equal to $28.00 per shirt for the remaining 120 shirts K. The customers paid their remaining balances on the last day of the month October 31 Required: 1. For each of the events (a) through (Indicate the amount and direction of the effect for increase. - for decrease (Enter any decreases to account balances with a minus sign) Inventory Net Sales Cost of Goods Sold Gross Profit 3,600 Paolo C6-1 Part 2 2 Determine the percentage of net sales that is available to cover operating expenses other than cost of goods sold. (Round your answer to 1 decimal place.) Gross Proft Percentage 3a. As of October 31 the check dated October 3 had not deared the bank. How should BSS report this onts October 31 bank reconciliation 3b. Give the journal entry. If any needed as a result of Including the item discussed in requirement 3a in the bank Complete this question by entering your answers in the tabs below. Required 3A Required 38 Give the journal entry, if any needed as a result of including the item discussed in requirement 3-a in the bank. (If no entry is required for a transaction/event select "No Journal Entry Required in the first account field.) View transactions Journal entry worksheet As of October 31, the payment of inventory ordered in full dated October 13 had not yet cleared the bank Record the October 13 check that had not yet deared the bank Totes Enter Gebits before credits Date General Journal Debit Credit October 31 Cherry a. On October 1, the Business Students' Society (BSS) placed an order for 260 golf shirts at a unit cost of $20, under terms 210, n.30. b. The order was received on October 10, but some golf shirts differed from what had been ordered. Uncertain whether the shirts would be returned or kept, BSS decided to record any purchase discount only when taken (using the gross method). c. On October 11, 30 golf shirts were returned to the supplier. d. On October 12. BSS complained the remaining golf shirts were slightly defective so the supplier granted a $200 allowance. e BSS pald for the golf shirts on October 13. During the first week of October. BSS received student and faculty orders for 240 golf shirts, at a unit price of $76. on terms 270, n.30. g. The golf shirts were delivered to these customers on October 18. Unfortunately, customers were unhappy with the golf shirts. So BSS permitted them to be returned or given an allowance (see hand ). n. Uncertain whether customers would keep or return the shirts. BSS decided to record any sales discount only when taken using the gross method). On October 19, one-half of the golf shirts were returned by customers to BSS. J. On October 20. an allowance was given on account equal to $28.00 per shirt for the remaining 120 shirts K. The customers paid their remaining balances on the last day of the month October 31 Required: 1. For each of the events (a) through (Indicate the amount and direction of the effect for increase. - for decrease (Enter any decreases to account balances with a minus sign) Inventory Net Sales Cost of Goods Sold Gross Profit 3,600 Paolo C6-1 Part 2 2 Determine the percentage of net sales that is available to cover operating expenses other than cost of goods sold. (Round your answer to 1 decimal place.) Gross Proft Percentage 3a. As of October 31 the check dated October 3 had not deared the bank. How should BSS report this onts October 31 bank reconciliation 3b. Give the journal entry. If any needed as a result of Including the item discussed in requirement 3a in the bank Complete this question by entering your answers in the tabs below. Required 3A Required 38 Give the journal entry, if any needed as a result of including the item discussed in requirement 3-a in the bank. (If no entry is required for a transaction/event select "No Journal Entry Required in the first account field.) View transactions Journal entry worksheet As of October 31, the payment of inventory ordered in full dated October 13 had not yet cleared the bank Record the October 13 check that had not yet deared the bank Totes Enter Gebits before credits Date General Journal Debit Credit October 31 Cherry