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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 $3,400 of hair spray from Orbit Pro; terms 3/10,n/30, FOB shipping point. The appropriate party paid the shipping cost of $360. 5 Sold shampoo costing $1,120 to Barber \& Co. for a price of $1,600 with terms of 2/10,n/30, FOB shipping point. The appropriate party paid the shipping cost of $130. 7 Returned $1,500 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 $300 of inventory from the sale on October 5 . The inventory had a cost of $210. 22 Received the payment from Barber \& Co. on the October 5 sale. 23 Purchased $4,000 of hair conditioner from Keratin Hair; terms 2/10,n/30, FOB shipping point. The appropriate party paid the shipping cost of $800 25 Sold hair gel to Styling Room for an invoice price of $2,000, terms 2/10, n/30, FOB destination. The hair gel had a cost of $1,400. The appropriate party paid the shipping cost of $400. 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, select "No journal entry required" in the first account field. Journal entry descriptions are provided already in the journal entry worksheet.) Journal entry worksheet
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