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Exercise 5-6 Recording merchandise transactions: purchase and sale discounts-perpetual [ LO3 Chad Funk is a hair stylist who opened a business selling hair products. He
Exercise 5-6 Recording merchandise transactions: purchase and sale discounts-perpetual [ LO3 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 EX 5-1, QS 5-14,QS 5-18,EX 5-6 It starts with a simple conversation to get to know your story
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