1.Billy Bob purchased 40 bottles of shampoo/conditioner for $5/each. The bottles of shampoo/conditioner are to be held for resale. Billy uses the perpetual method. Billy uses the FIFO method to account for inventory.

1.a.Blizzard Inc. hired the barber shop to provide haircuts to its employees for the next six months. Blizzard Inc. paid the barber shop $4,800. The barber shop in return must provide haircuts for Blizzard Inc. employees for the next 6 months at no cost.

Please journalize the following transactions-