Exercise 5-6 Recording merchandise transactions: purchase and sale discounts-perpetual LO3Chad Funk is a hair stylist who opened a business selling hair products. He imports products from around the world and sells to salonsin Canada.Oct.1 Purchased $1,400 of hair spray from Orbit. Pro; terms 3/10, n/30, FOB shipping point. Theappropriate party paid the shipping cost of $200.5Sold shampoo costing $420 to Barber & Co. for a price of $600 with terms of 2/10, n/30,FOB shipping point. The appropriate party paid the shipping cost of $80.7 Returned $500 of inventory to Orbit Pro due to an error in the October 1 order.10 Paid Orbit Pro for the purchase on October 1.14 Barber & Co. returned $100 of inventory from the sale on October 5. The inventory had acost of $70.22 Received the payment from Barber & Co. on the October 5 sale.23 Purchased $2,000 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shippingpoint. The appropriate party paid the shipping cost of $300.25 Sold hair gel to Styling Room for an invoice price of $1,000, terms 2/10, n/30, FOBdestination. The hair gel had a cost of $700. The appropriate party paid the shippingcost of $150.26 Paid for the purchase on October 23.31 Received the payment from Styling Room on the October 25 sale.Required:Record the journal entries for the month of October. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field. Journal entry descriptions are provided already in the journal entry worksheet.)

Journal entry records the accounting transactions of a business in a journal book. All the business…

Answered: Chad Funk is a hair stylist who opened…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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