[The following information applies to the questions displayed below.J 1. On October 1, the Business Students' Society (BSS) placed an order for 170 golf shirts at a unit cost of $22, under terms 2/10. 2. The order was received on October 10, but 30 golf shirts had been damaged in shipment. 3. On October 11, the damaged golf shirts were returned. 4 On October 12, BSS complained that the remaining golf shirts were slightly defective so the supplier granted a GL $180 allowance. 5. BSS paid for the golf shirts on October 13 6. During the first week of October, BSS received student and faculty orders for 140 golf shirts, at a unit price of $39.50, 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 $14.50 per shirt 8. On October 21, one-half of the golf shirts were returned 9 On October 22, the remaining 70 customers were granted the allowance on account. 10. The customers paid their remaining balances during the week of October 25 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 2 3 4 8 On October 1, BSS placed an order for 170 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 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 fora transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 The order placed on October 1 was received by BSS on October 10, but 30 golf shirts had been damaged in shipment. Record the inventory purchased orn account. Note: Enter debits before credits Date General Journal Debit Credit Oct. 10 Record entry Clear entry View general journal 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 2 3 4 5 6 7 8 On October 11, the 30 damaged golf shirts were returned. Record the return of the damaged inventory. Note: Enter debits before credits. Date General Journal Debit Credit Oct. 11 Record entry Clear entry View general journal 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. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 6 7 8 On October 12, BSS complained that the remaining golf shirts were slightly defective so the supplier grated a $180 allowance. Record the allowance received for the defective inventory purchased. Note: Enter debits before credits Date General Journal Debit Credit Oct. 12 Record entry Clear entry View general journal 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 2 3 4 5 6 7 8 On October 13, BSS paid for the golf shirts. Record the payment in full. Note: Enter debits before credits Date General Journal Debit Credit Oct. 13 Record entry Clear entry View general journal 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 2 3 4 6 8 During the first week of October BSS received student and faculty orders for 140 golf shirts, at a unit price of $39.50, on terms 2/10, n/30. The golf shirts were delivered to the customers on October 18. Record the sales revenue on account for the order Note: Enter debits before credits Date General Journal Debit Credit Oct. 18 Record entry Clear entry View general journal 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 transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 During the first week of October, BSS received student and faculty orders for 140 golf shirts, at a unit price of $39.50, on terms 2/10, n/30. The golf shirts were delivered to these customers on October 18. Record the cost of goods sold for the order. Note: Enter debits before credits. Date General Journal Debit Credit Oct. 18 Record entry Clear entry View general journal 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 fora transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 7 8 Customers were unhappy with the golf shirts, so BSS permitted them to be returned or gave an allowance of $14.50 per shirt. On October 21, one-half of the golf shirts were returned by customers. Record the return of the unsatisfactory merchandise sold on account. Note: Enter debits before credits. Date General Journa Debit Credit Oct. 21 Record entry Clear entry View general journal 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 4 6 7 8 Customers were unhappy with the golf shirts, so BSS permitted them to be returned or gave an allowance of $14.50 per shirt. On October 21, one-half of the golf shirts were returned by customers. Record the cost of goods returned. Note: Enter debits before credits. Date General Journal Debit Credit Oct. 21 Record entry Clear entry View general journal 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. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 4. 5 6 8 Customers were unhappy with the golf shirts, so BSS permitted them to be returned or gave an allowance of $14.50 per shirt. On October 22, the remaining 70 customers were granted the allowance. Record the allowance ranted for the defective inventory sold on account Note: Enter debits before credits Date General Journal Debit Credit Oct. 22 Record entry Clear entry View general journal 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 4 6 8 9 10 On October 25, the customers paid their remaining balances due on account. Record the customers' payments in full. Note: Enter debits before credits Date General Journal Debit Credit Oct. 25 Record entry Clear entry View general journal 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 $130 and income tax expense is $50 BUSINESS STUDENTS' SOCIETY Income Statement For the Month Ended October 31 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 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 transaction/event, 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