a. On October 1, the Business Students' Society (BSS) placed an order for 250 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. 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, 95 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 $100 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 80 golf shirts, at a unit price of $90, 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 hand 4. Uncertain whether customers would keep or return the shirts, BSS decided to record any sales discount only when taken (using the gross method). h. On 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 $11.00 per shirt for the remaining 40 shirts. J. The customers paid their remaining balances on the last day of the month, October 31. No further returns are expected.
a. On October 1, the Business Students' Society (BSS) placed an order for 250 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. 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, 95 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 $100 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 80 golf shirts, at a unit price of $90, 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 hand 4. Uncertain whether customers would keep or return the shirts, BSS decided to record any sales discount only when taken (using the gross method). h. On 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 $11.00 per shirt for the remaining 40 shirts. J. The customers paid their remaining balances on the last day of the month, October 31. No further returns are expected.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Right Answer Plzz
Transcribed Image Text:a. On October 1, the Business Students' Society (BSS) placed an order for 250 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. 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, 95 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 $100 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 80 golf shirts, at a unit price of $90, 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 hand. Uncertain whether customers would keep or return the
shirts, BSS decided to record any sales discount only when taken (using the gross method).
h. On 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 $11.00 per shirt for the remaining 40 shirts.
J. The customers paid their remaining balances on the last day of the month, October 31. No further returns are expected.
Transcribed Image Text:Requirement
Prepare journal entries for the transactions described in events (a) through (1), using the date of each transaction as its reference.
Assume BSS uses perpetual inventory accounts and accrue office expenses of $410 incurred on account, and to accrue income taxes of
$118. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
No
1
" 2
N
View transaction list View journal entry worksheet
Date
October 01
3
General
Journal
4
/ 5
October 10
October 11
General
Ledger
October 12
October 13
Trial Balance
General Journal
No Transaction Recorded
No Transaction Recorded
No Transaction Recorded
No Transaction Recorded
Income
Statement
No Transaction Recorded
< Requirement
General Ledger >
Debit
Credit
g
T
Show less A
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