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 $4,400 of hair spray from Orbit Pro; terms 3/10,n/30, FOB shipping point. The appropriate party paid the shipping cost of $350. 5 Sold shampoo costing $1,470 to Barber \& Co. for a 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 $5,000 of hair conditioner from Keratin Hair; terms 2/10,n/30, FOB shipping point. The appropriate party paid the 25 Sold hair gel to Styling Room for an invoice price of $2,500, terms 2/10,n/30, FOB destination. The hair gel had a 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 Room on the October 25 sale. 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 $4,400 of hair spray from Orbit Pro; terms 3/10,n/30, FOB shipping point. The appropriate party paid the shipping cost of $350. 5 Sold shampoo costing $1,470 to Barber \& Co. for a 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 $5,000 of hair conditioner from Keratin Hair; terms 2/10,n/30, FOB shipping point. The appropriate party paid the 25 Sold hair gel to Styling Room for an invoice price of $2,500, terms 2/10,n/30, FOB destination. The hair gel had a 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 Room on the October 25 sale