The Jung Art Supplies Business sells various art supplies to local artists. The business uses a perpetual inventory system. The balance of its inventory of art supplies at the beginning of October was \(\$ 3000\). Its cash balance was \(\$ 960\) and the Jung, Capital balance was \(\$ 3960\) at the beginning of October. Ms Jung entered into the following transactions in October:

Required:
a Record the above transactions in appropriate accounts.
b Determine the balances in all the accounts at the end of October.
c Calculate the gross profit and the gross profit percentage for October.

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Date 1 Oct. 2 4 6 10 12 13 15 25 Transactions Ms Jung invested another $1200 cash into the business. Purchased $528 of art supplies for cash, including GST. Made a $1188 sale of art supplies including GST on credit to P. Tarrant, with terms of n/15; the cost of the inventory sold was $660. Purchased $924 including GST of art supplies on credit from the Ray's Paints Business, with terms of n/20. Returned, for credit to its account, $120 of defective art supplies purchased on 6 October from the Ray's Paints Business. Made cash sales of $396 including GST to customers; the cost of the inventory sold was $240. Granted a $30 allowance to a customer for damaged inventory sold on 12 October. Received payment from P. Tarrant of the amount due for inventory sold on credit on 4 October. Paid balance due to the Ray's Paints Business for purchase on 6 October.