Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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 $4,400 of hair spray from Orbit Pro; terns 3/10, 1/30, Foe shipping point. The appropriate party paid the shipping cost of $350. 5 Sold shampoo costing 51,470 to Barber & Co. for price of $2,100 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $155. 7 Returned $2,000 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 $400 of inventory from the sale on October 5. The inventory had a cost of $280. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased 55,000 of hair conditioner from Keratin Hair terns 2/10, 1/30, FOB shipping point. The appropriate party paid the shipping cost of 51,ose. 25 Sold hair gel to Styling Room for an invoice price of $2,500, teras 2/10, 1/30, FOB destination. The hair gel had cost of $1,750. The appropriate party paid the shipping cost of $525. 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.) View transaction list

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

Accounting And Auditing Research Tools And Strategies

Authors: Thomas Weirich, Thomas C. Pearson, Alan Reinstein

6th Edition

032430224X, 9780324302240

More Books

Students also viewed these Accounting questions

Question

Why is executive onboarding for external hires so difficult?

Answered: 1 week ago

Question

1. What is perception?

Answered: 1 week ago