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 $1,800 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $220. 5 Sold shampoo costing $568 to Barber & Co. for a price of $see wth terms of 2/10, n/30, Foe shipping point. The appropriate party paid the shipping cost of $90. 7 Returned $700 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 $140 of inventory from the sale on October 5. The inventory had a cost of $98. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $2,400 of hair conditioner from Keratin Hair terms 2/10, 1/30, FOB shipping point. The appropriate party paid the shipping cost of $400. 25 Sold hair gel to Styling Room for an invoice price of $1,200, terms 2/10, n/30, FOB destination. The hair gel had a cost of $840. The appropriate party paid the shipping cost of $200 26 Paid for the purchase on October 23. 31 Received the payment from Styling Room on the October 25