The following information applies to the questions displayed below. 1. On October 1, the Business Students' Society (BSS) placed an order for 150 golf shirts at a unit cost of $22, under terms 2/10. 2. The order was received on October 10, but 20 golf shirts had been damaged in shipment 3 On October 11, the damaged golf shirts were returned . On October 12, BSS complained that the remaining golf shirts were slightly defective so the supplier granted a GL $160 allowance. BSS paid for the golf shirts on October 13 6 During the first week of October, BSS received student and faculty orders for 130 golf shirts, at a unit price of $40.00, on terms 2/10, n/30 7. 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 gave an allowance of $10.00 per shirt 8. On October 21, one-half of the golf shirts were returned. 9 On October 22, the remaining 65 customers were granted the allowance on account The customers paid their remaining balances during the week of October 25 10. C6-1 Part 1 Required: 1. Prepare journal entries for the transactions described above, using the date of each transaction as its reference. Assume BSS uses perpetual inventory accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 On October 1, BSS placed an order for 150 golf shirts at a unit cost of $22, under terms 2/10, n/30. Record the placement of the order for golf shirts. Note: Enter debits before credits Date General Journal Debit Credit Oct. 1 Record entry Clear entry View general journal C6-1 Part 2 2. Report the financial effects of the above transactions in a multistep income statement for the month ended October 31 prepared for internal use. Assume operating expenses, other than cost of goods sold, are $110 and income tax expense is $145. BUSINESS STUDENTS' SOCIETY Income Statement For the Month Ended October 31 C6-1 Part 3 3. Determine the percentage of net sales that is available to cover operating expenses other than cost of goods sold. (Round your answers to the nearest whole percentage amount.) Gross Profit Percentage 0 C6-1 Part 4 4-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? BSS should this check from the bank balance on its October 31 bank reconciliation. 4-b. Give the journal entry, if any needed as a result of including the item discussed in requirement 4-a in the bank. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list 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 cleared the bank Note: Enter debits before credits. Date General Journal Debit Credit October 31 Record entry Clear entry View general journal