Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

0. Question #16 Chad Funk is a hair stylist who opened a business selling hair products. He imports products from around the world and sells

0. Question #16 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 $4,200 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $340. 5 Sold shampoo costing $1,400 to Barber & Co. for a price of $2,000 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $150. 7 Returned $1,900 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 $380 of inventory from the sale on October 5. The inventory had a cost of $266. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,800 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $1,000. 25 Sold hair gel to Styling Room for an invoice price of $2,400, terms 2/10, n/30, FOB destination. The hair gel had a cost of $1,680. The appropriate party paid the shipping cost of $500. 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 4 5 6 7 8 17 Record purchase of merchandise on credit, terms 3/10, n/30, FOB shipping point. Note. Enter debits before credits Date Oct. 01 General Journal Debit Credit Record entry Clear entry View general journal 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 $4,200 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $340. 5 Sold shampoo costing $1,400 to Barber & Co. for a price of $2,000 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $150. 7 Returned $1,900 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 $380 of inventory from the sale on October 5. The inventory had a cost of $266. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,800 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $1,000. 25 Sold hair gel to Styling Room for an invoice price of $2,400, terms 2/10, n/30, FOB destination. The hair gel had a cost of $1,680. The appropriate party paid the shipping cost of $500. 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 4 5 Record payment for shipping cost. 9 7 8. 17 Note: Enter debits before credits Date General Journal Debit Credit Oct. 01 Record entry Clear entry View general journal Question #16 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 $4,200 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $340. 5 Sold shampoo costing $1,400 to Barber & Co. for a price of $2,000 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $150. 7 Returned $1,900 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 $380 of inventory from the sale on October 5. The inventory had a cost of $266. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,800 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $1,000. 25 Sold hair gel to Styling Room for an invoice price of $2,400, terms 2/10, n/30, FOB destination. The hair gel had a cost of $1.680. The appropriate party paid the shipping cost of $500. 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 4567 8 17 Record sale of merchandise for $2,000, terms 2/10, n/30 shipping point. Note: Enter debts before credits Date Oct. 05 General Journal Debit Credit Record entry Clear entry View general journal Question #16 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 $4,200 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $340. 5 Sold shampoo costing $1,400 to Barber & Co. for a price of $2,000 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $150. 7 Returned $1,900 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 $380 of inventory from the sale on October 5. The inventory had a cost of $266. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,800 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $1,000. 25 Sold hair gel to Styling Room for an invoice price of $2,400, terms 2/10, n/30, FOB destination. The hair gel had a cost of $1,680. The appropriate party paid the shipping cost of $500. 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 4 5 67 8 17 www Record the cost of inventory sold on October 5. Note: Enter debits before credits Date General Journal Debit Credit Oct. 05 Record entry Clear entry View general journal Question #16 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 $4,200 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $340. 5 Sold shampoo costing $1,400 to Barber & Co. for a price of $2,000 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $150. 7 Returned $1,900 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 $380 of inventory from the sale on October 5. The inventory had a cost of $266. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,800 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $1,000. 25 Sold hair gel to Styling Room for an invoice price of $2,400, terms 2/10, n/30, FOB destination. The hair gel had a cost of $1.680. The appropriate party paid the shipping. cost of $500. 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 4 5 Record the shipping costs. 9 7 8 17 > Note: Enter debits before credits Date General Journal Debit Credit Oct. 05 Record entry Clear entry View general journal Saves Help Save & EXIT Submit 21 Question #16 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 $4,200 of hair spray from Orbit Pro: terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $340. 5 Sold shampoo costing $1,400 to Barber & Co. for a price of $2,000 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $150. 7 Returned $1,900 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 $380 of inventory from the sale on October 5. The inventory had a cost of $266. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,800 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $1,000. 25 Sold hair gel to Styling Room for an invoice price of $2,400, terms 2/10, n/30, FOB destination. The hair gel had a cost of $1,680. The appropriate party paid the shipping cost of $500. 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 4 5 6 7 8 17 Record return of merchandise. Note: Enter debits before credits Date General Journal Debit Credit Oct. 07 Record entry Clear entry View general journal 8 Question #16 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 $4,200 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $340. 5 Sold shampoo costing $1,400 to Barber & Co. for a price of $2,000 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $150. 7 Returned $1,900 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 $380 of inventory from the sale on October 5. The inventory had a cost of $266. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,800 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $1,000. 25 Sold hair gel to Styling Room for an invoice price of $2,400, terms 2/10, n/30, FOB destination. The hair gel had a cost of $1,680. The appropriate party paid the shipping cost of $500. 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 9 10 11 12 13 14 17 Record the cost of inventory sold on October 25. Note: Enter debits before credits Date Oct. 25 General Journal Debit Credit. Record entry Clear entry View general journal Saves Help Save & EXIT Submit 9 Question #16 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 $4,200 of hair spray from Orbit Pro: terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $340. 5 Sold shampoo costing $1,400 to Barber & Co. for a price of $2,000 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $150. 7 Returned $1,900 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 $380 of inventory from the sale on October 5. The inventory had a cost of $266. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,800 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $1,000. 25 Sold hair gel to Styling Room for an invoice price of $2,400, terms 2/10, n/30, FOB destination. The hair gel had a cost of $1,680. The appropriate party paid the shipping cost of $500. 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 ...... 6 7 8 9 10 11 17 Record purchase of merchandise on credit, terms 2/10, n/30, FOB shipping point. Note: Enter debits before credits Date Oct. 23 General Journal Debit Credit Record entry Clear entry View general journal 9 Question #16 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 $4,200 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $340. 5 Sold shampoo costing $1,400 to Barber & Co. for a price of $2,000 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $150. 7 Returned $1,900 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 $380 of inventory from the sale on October 5. The inventory had a cost of $266. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,800 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $1,000. 25 Sold hair gel to Styling Room for an invoice price of $2,400, terms 2/10, n/30, FOB destination. The hair gel had a cost of $1,680. The appropriate party paid the shipping cost of $500. 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 ..... 6 7 8 9 10 11 17 Record purchase of merchandise on credit, terms 2/10, n/30, FOB shipping point. Note. Enter debits before credits Date Oct. 23 General Journal Debit Credit Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Working Papers

Authors: John G. Helmkamp

2nd Edition

0471514292, 978-0471514299

More Books

Students also viewed these Accounting questions

Question

=+7. What does this public expect from your organization?

Answered: 1 week ago

Question

a valuing of personal and psychological privacy;

Answered: 1 week ago