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 $5,000 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $388. 5 Sold shampoo costing $1,688 to Barber & Co. for a price of $2,400 with terms of 2/10, n/38, FOB shipping point. The appropriate party paid the shipping cost $170. 7 Returned $2,300 of inventory to Orbit Pro due to an error in the October 1 order.. 18 Paid Orbit Pro for the purchase on October 1. 14 Barber & Co. returned $460 of inventory from the sale on October 5. The inventory had a cost of $322. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $5,688 of hair conditioner from Keratin Hair; terms 2/10, n/38, FOB shipping point. The appropriate party paid the shipping cost of $1,200. 25 Sold hair gel to Styling Room for an invoice price of $2,800, terms 2/10, n/38, FOB destination. The hair gel had a cost of $1,960. The appropriate party paid the shipping cost of $600. 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.)
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 $5,000 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $388. 5 Sold shampoo costing $1,688 to Barber & Co. for a price of $2,400 with terms of 2/10, n/38, FOB shipping point. The appropriate party paid the shipping cost $170. 7 Returned $2,300 of inventory to Orbit Pro due to an error in the October 1 order.. 18 Paid Orbit Pro for the purchase on October 1. 14 Barber & Co. returned $460 of inventory from the sale on October 5. The inventory had a cost of $322. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $5,688 of hair conditioner from Keratin Hair; terms 2/10, n/38, FOB shipping point. The appropriate party paid the shipping cost of $1,200. 25 Sold hair gel to Styling Room for an invoice price of $2,800, terms 2/10, n/38, FOB destination. The hair gel had a cost of $1,960. The appropriate party paid the shipping cost of $600. 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.)
Chapter1: Financial Statements And Business Decisions
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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 $5,000 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping
cost of $388.
5
Sold shampoo costing $1,688 to Barber & Co. for a price of $2,400 with terms of 2/10, n/38, FOB shipping point. The
appropriate party paid the shipping cost
$170.
7 Returned $2,300 of inventory to Orbit Pro due to an error in the October 1 order..
18 Paid Orbit Pro for the purchase on October 1.
14 Barber & Co. returned $460 of inventory from the sale on October 5. The inventory had a cost of $322.
22 Received the payment from Barber & Co. on the October 5 sale.
23 Purchased $5,688 of hair conditioner from Keratin Hair; terms 2/10, n/38, FOB shipping point. The appropriate party paid the
shipping cost of $1,200.
25 Sold hair gel to Styling Room for an invoice price of $2,800, terms 2/10, n/38, FOB destination. The hair gel had a cost of
$1,960. The appropriate party paid the shipping cost of $600.
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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