I Cank is a hai stylist who opened a business selling hair products. He imports products from around the world and sels to salonOct. 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 $200.5 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 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 $300.25Sold 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.)
I Cank is a hai stylist who opened a business selling hair products. He imports products from around the world and sels to salonOct. 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 $200.5 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 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 $300.25Sold 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:I Cank is a hai stylist who opened a business selling hair products. He imports products from around the world and sels
to salonOct. 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 $200.5 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 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 $300.25Sold 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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