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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
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 $1,400 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate 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 a 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. | |
25 | Sold 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.
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