Question

Part 4 of 4 0.75 points Required Information [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 $16, under terms 240. 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 $120 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 120 golf shirts, at a unit price of $33.50, on terms 2/0, 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 $8.50 per shirt. 8. On October 21, one-half of the golf shirts were returned. 9. On October 22, the remaining 60 customers were granted the allowance on account. 10. The customers paid their remaining balances during the week of October 25. Book Print References As of October 31, the check dated October 13 had not cleared the bank. How should 4-BSS report this on its October 31 bank reconciliation? BSS should this check from the bank balance on its October 31 bank reconciliation Give the journal entry. if any needed as a result of including the item discussed in 4.b. 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 joumal

Answer 1

4a

BSS should deduct this check from the bank balance on its October 31 bank reconciliation

4b
Date	General Journal	Debit	Credit
October 31	No Journal entry required