Chad Funk is a hair stylist who opened a business selling hair products. He imports products from around the world and sells to salons in Canada. Oct. ✓ 1 Purchased $1,400 of hair spray from Orbit. Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $200. 5 Sold shampoo costing $420 to Barber & Co. for à 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 a cost 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 shipping point. 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, FOB destination. The hair gel had a cost of $700. The appropriate party paid the shipping. cost of $150. 26 Paid for the purchase on October 23. 31 Received the payment from Styling Room on the October 25 sale.
Chad Funk is a hair stylist who opened a business selling hair products. He imports products from around the world and sells to salons in Canada. Oct. ✓ 1 Purchased $1,400 of hair spray from Orbit. Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $200. 5 Sold shampoo costing $420 to Barber & Co. for à 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 a cost 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 shipping point. 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, FOB destination. The hair gel had a cost of $700. The appropriate party paid the shipping. cost of $150. 26 Paid for the purchase on October 23. 31 Received the payment from Styling Room on the October 25 sale.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Exercise 5-6 Recording merchandise transactions: purchase and sale discounts-perpetual LO3
Chad Funk is a hair stylist who opened a business selling hair products. He imports products from around the world and sells to salons
in Canada.
Oct.
1 Purchased $1,400 of hair spray from Orbit. Pro; terms 3/10, n/30, FOB shipping point. The
appropriate party paid the shipping cost of $200.
5
Sold 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 a
cost 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 shipping
point. 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, FOB
destination. The hair gel had a cost of $700. The appropriate party paid the shipping
cost 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 entry
required" in the first account field. Journal entry descriptions are provided already in the journal entry worksheet.)
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