Homework Help is Here – Start Your Trial Now!
Business
Accounting
Chad Funk is a hair stylist who opened a business selling hair products. He imports products from around the world and sells to salo in Canada. Oct. 1 Purchased $3,600 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipp cost of $310. 5 Sold shampoo costing $1,190 to Barber & Co. for a price of $1,700 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $135. 7 Returned $1,600 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 $320 of inventory from the sale on October 5. The inventory had a cost of $224. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,200 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid shipping cost of $850. 25 Sold hair gel to Styling Room for an invoice price of $2,100, terms 2/10, n/30, FOB destination. The hair gel had a cost $1,470. The appropriate party paid the shipping cost of $425. 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 salo in Canada. Oct. 1 Purchased $3,600 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipp cost of $310. 5 Sold shampoo costing $1,190 to Barber & Co. for a price of $1,700 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $135. 7 Returned $1,600 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 $320 of inventory from the sale on October 5. The inventory had a cost of $224. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,200 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid shipping cost of $850. 25 Sold hair gel to Styling Room for an invoice price of $2,100, terms 2/10, n/30, FOB destination. The hair gel had a cost $1,470. The appropriate party paid the shipping cost of $425. 26 Paid for the purchase on October 23. 31 Received the payment from Styling Room on the October 25 sale.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format ?

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 $3,600 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $310. 5 Sold shampoo costing $1,198 to Barber & Co. for a price of $1,700 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $135. 7 Returned $1,600 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 $320 of inventory from the sale on October 5. The inventory had a cost of $224. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,200 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $850. 25 Sold hair gel to Styling Room for an invoice price of $2,100, terms 2/10, n/30, FOB destination. The hair gel had a cost of $1,470. The appropriate party paid the shipping cost of $425. 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.)
Transcribed Image Text: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 $3,600 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $310. 5 Sold shampoo costing $1,198 to Barber & Co. for a price of $1,700 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $135. 7 Returned $1,600 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 $320 of inventory from the sale on October 5. The inventory had a cost of $224. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,200 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $850. 25 Sold hair gel to Styling Room for an invoice price of $2,100, terms 2/10, n/30, FOB destination. The hair gel had a cost of $1,470. The appropriate party paid the shipping cost of $425. 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.)
View transaction list Journal entry worksheet 1 2 3 Note: Enter debits before credits. Date Oct. 01 4 Record entry 5 сл Record purchase of merchandise on credit; terms 3/10, n/30, FOB shipping point. General Journal 6 7 8 17 Clear entry ... Debit Credit View general journal >
Transcribed Image Text:View transaction list Journal entry worksheet 1 2 3 Note: Enter debits before credits. Date Oct. 01 4 Record entry 5 сл Record purchase of merchandise on credit; terms 3/10, n/30, FOB shipping point. General Journal 6 7 8 17 Clear entry ... Debit Credit View general journal >
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS