Question detail Question Price: 34.95 KES Posted: 3 months ago Accounting Description: 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 $2,400 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $250. 5 Sold shampoo costing $770 to Barber & Co. for a price of $1,100 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $105. 7 Returned $1,600 of inventory to Orbit Pro due to an error in the Oct. 1 order. 10 Paid Orbit Pro for the purchase on October 1. 14 Barber & Co. returned $320 of inventory from the sale on Oct. 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.)
Question detail
Question Price:
34.95 KES
Posted:
3 months ago
Accounting
Description:
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 $2,400 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $250.
5 Sold shampoo costing $770 to Barber & Co. for a price of $1,100 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $105.
7 Returned $1,600 of inventory to Orbit Pro due to an error in the Oct. 1 order. 10 Paid Orbit Pro for the purchase on October 1.
14 Barber & Co. returned $320 of inventory from the sale on Oct. 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
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