The following information applies to the questions cisplayed below a On October 1, the Business Students Society (BSS) placed an order for 260 golf shirts at a unit cost of $20, under terms 2/10, n/30 b. The order was received on October 10, but some golf shirts differed from what had been ordered Uncertainwether 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 sSupplier d On October 12. BSS complained the remaining golf shirts were slightly defective so the supplier granted a $200 allowance e BSS paid for the golf shirts on October 13 f During the first week of October. BSS received student and faculty orders for 240 golf shirts, at a unit price of $76, on terms 2/10, 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 n and A h Uncertain whether customers would keep or return the shirts, BSS decided to record any sales discount only when taken (using the gross method) LOn October 19, one-half of the golf shirts were returned by customers to BSS On October 20, an allowance was given on account equal to $28.00 per shirt for the remaining 120 shirts k The customers paid theif remaintng balances on the last day of the month, Octob0er 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.) Gross Profit Net Sales Cost of Goods Sold Event Inventory b. d h ould 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 paid for the golf shirts on October 13. f During the first week of October, BSS received student and faculty orders for 240 golf shirts, at a unit price of $76, on terms 2/10, 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 h and A h.Uncertain whether customers would keep or return the shirts, BSS decided to record any sales discount only when taken (using the gross method). LOn October 19, one-half of the golf shirts were returned by customers to BSS On October 20, an allowance was given on account equal to $28.00 per shirt for the remaining 120 shirts k The customers pald thelr remaining balances on the last day of the month, October 31 C6-1 Part 2 2 Determine the percentage of net sales that is avallable to cover operating expenses other than cost of goods sold. (Round your answer to 1 decimal plece.) Gross Profit Percentage Next 12 o 17 Prev 3-a. As of October 31, the check dated October 13 had not cleared the bank How should BSS report this on Its October 31 bank reconciliation? 3-b. Glve the journal entry, if any needed as a result of including the Item discussed in requirement 3-a in the bank the tabs below. Complete this question by entering your answers in Required 3B Required 3A As of October 31, the check dated October 13 had not cleared the bank. How should BSS report this on its October 31 bank reconciliation? this check from the bank balance on its October 31 bank reconciliation BSS should Required 3B 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 Requirod n the first account field.) View transaction list Journal entry worksheet 1 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 cleared the bank. Note: Enter debits before credits Credit Debit General Journal Date October 31 Next The following information applies to the questions cisplayed below a On October 1, the Business Students Society (BSS) placed an order for 260 golf shirts at a unit cost of $20, under terms 2/10, n/30 b. The order was received on October 10, but some golf shirts differed from what had been ordered Uncertainwether 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 sSupplier d On October 12. BSS complained the remaining golf shirts were slightly defective so the supplier granted a $200 allowance e BSS paid for the golf shirts on October 13 f During the first week of October. BSS received student and faculty orders for 240 golf shirts, at a unit price of $76, on terms 2/10, 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 n and A h Uncertain whether customers would keep or return the shirts, BSS decided to record any sales discount only when taken (using the gross method) LOn October 19, one-half of the golf shirts were returned by customers to BSS On October 20, an allowance was given on account equal to $28.00 per shirt for the remaining 120 shirts k The customers paid theif remaintng balances on the last day of the month, Octob0er 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.) Gross Profit Net Sales Cost of Goods Sold Event Inventory b. d h ould 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 paid for the golf shirts on October 13. f During the first week of October, BSS received student and faculty orders for 240 golf shirts, at a unit price of $76, on terms 2/10, 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 h and A h.Uncertain whether customers would keep or return the shirts, BSS decided to record any sales discount only when taken (using the gross method). LOn October 19, one-half of the golf shirts were returned by customers to BSS On October 20, an allowance was given on account equal to $28.00 per shirt for the remaining 120 shirts k The customers pald thelr remaining balances on the last day of the month, October 31 C6-1 Part 2 2 Determine the percentage of net sales that is avallable to cover operating expenses other than cost of goods sold. (Round your answer to 1 decimal plece.) Gross Profit Percentage Next 12 o 17 Prev 3-a. As of October 31, the check dated October 13 had not cleared the bank How should BSS report this on Its October 31 bank reconciliation? 3-b. Glve the journal entry, if any needed as a result of including the Item discussed in requirement 3-a in the bank the tabs below. Complete this question by entering your answers in Required 3B Required 3A As of October 31, the check dated October 13 had not cleared the bank. How should BSS report this on its October 31 bank reconciliation? this check from the bank balance on its October 31 bank reconciliation BSS should Required 3B 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 Requirod n the first account field.) View transaction list Journal entry worksheet 1 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 cleared the bank. Note: Enter debits before credits Credit Debit General Journal Date October 31 Next