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 $5,400 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $400. 5 Sold shampoo costing $1,820 to Barber & Co. for a price of $2,600 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $180. 7 Returned $2,500 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 $500 of inventory from the sale on October 5. The inventory had a cost of $350. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $6,000 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $1,300. 25 Sold hair gel to Styling Room for an invoice price of $3,000, terms 2/10, n/30, FOB destination. The hair gel had a cost of $2,100. The appropriate party paid the shipping cost of $650. 26 Paid for the purchase on October 23. 31 Received the payment from Styling Roon 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.) ,00, Lens 2/10, 1/30, RUD had a cost of $2,100. The appropriate party paid the shipping cost of $650. 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, sel- required" in the first account field. Journal entry descriptions are provided already in the journal entr View transaction list x 1 Record purchase of merchandise on credit; terms 3/10, n/30, FOB shipping point. 17 2 Record payment for shipping cost. pping 3 Record sale of merchandise for $2,600; terms 2/10, n/30 shipping point. 4 Record the cost of inventory sold on October 5. Credit 5 Record the shipping costs. 6 Record return of merchandise. 7 Record the accounts payable paid for Orbit Pro. Note : journal entry has been entered Record entry Clear entry View general journal View transaction list X 7 Record the accounts payable paid for Orbit Pro. 17 8 Record sales return of merchandise only. pping 9 Record the cost of returned merchandise. 10 Record the collection of accounts receivable beyond the discount period. Credit 11 Record purchase of merchandise on credit; terms 2/10, n/30, FOB shipping point. 12 Record payment of shipping cost. Note : -ne- Een. In = journal entry has been entered Record entry Clear entry View general journal Required: Record the journal entries for the month of October. (If no entry is required for a transaction/event, select "N required" in the first account field. Journal entry descriptions are provided already in the journal entry wor View transaction list X 12 Record payment of shipping cost. 17 > 13 Record the sale of merchandise for $3,000; terms 2/10, n/30 FOB destination. pping 14 Record the cost of inventory sold on October 25. 15 Record payment of shipping cost. Credit 16 Record the payment of accounts payable within the discount period. 17 Record the collection of accounts receivable within the discount period. Note : = journal entry has been entered Record entry Clear entry View general journal
