QUESTION 7 (a) Record all of the Journal Entries for the following events at the retail Denim clothing store that you own. Ignore HST. Assume you owned no Inventory at the beginning of the month. (b) What is the Gross Margin for your Business at the end of the month? Show your detailed calculations. You purchased 100 pairs of jeans from a U.S. supplier for Cdn. $2,400 on credit on January 15th with terms 1/10, n/30. You took delivery of the jeans. Your supplier noted FOB Destination on its invoice There was $60 in freight coat On January 16th you discovered that 5 pairs of the jeans you purchased from your U.S. supplier were not the right colour. You contacted your supplier and returned them You sold 3 pairs of jeans to a customer for a total cash sale of $225 on January 20th. The same customer returned 1 pair of the jeans to your store on January 21st because they didn't fit. You cheerfully provided them with a refund. On January 24th a second customer came to your store and purchased 2 pairs of the same jeans for $150. The customer paid with her VISA credit card. VISA charges your store a 2.5% Fee on all sales. - You paid the amount owing to your U.S. supplier on January 27th On January 31st you performed a Physical Inventory count and found that you actually had 88 pairs of jeans on hand For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt V E A Y TX X EX: O