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: Prepare journal entries to record the transactions assuming a periodic inventory system.