Answered step by step
Verified Expert Solution
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
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 $5,000 of hair spray fron Orbit Pro; terms 3/10,n/30, Fob shipping point. The appropriste party paid the shipping cost of $380. 5 Sold shampoo costing $1,680 to Barber \& Co. for a price of $2,408 with terms of 2/10, n/30, Fob shipping point, The appropriate party paid the shipping cost af $170. 7 Returned $2,300 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 $460 of Inventory from the sale on October 5. The inventory had a cost of $322. 22 Received the payment from Barber \& Co. on the October 5 sale. 23 Purchased $5,600 of hair conditioner fron Keratin Hair; terms 2/10, n/30, F08 shipping point. The appropriate party paid the shipping cost of $1,200. 25 Sold hair gel to Styling Roon for an invoice price of $2,800, teras 2/10, n/30, FOB destination. The hair gel had a cost of $1,960. The appropriate party paid the shipping cost of $600. 26 Paid for the purchase on October 23. 31 Recelved the payment from Styling Roon on the october 25 sale. Required: Record the joumal 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.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started