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Please solve thos question, make journal entries 1 to 17. Please provide details for every transaction. Exercise 5.6 Recording merchandise transactions: purchase and sale discounts-perpetual
Please solve thos question, make journal entries 1 to 17. Please provide details for every transaction.
Exercise 5.6 Recording merchandise transactions: purchase and sale discounts-perpetual LO3 Chad Funk is a hair stylist who opened a business seling hair products He imports products from around the world and sells to salons in Canada. Oct. 1 Purchesed 54,200 of hair spray from Orbit Pro; terns 3/10,n/30, Foe shipping point. The appropriate party paid the shipping cost of 5340. 5 Sold shanpoo costing $1,400 to Barber \& Co. foe a price of $2,009 with terms of 2/10,n/39, F0B shipping point. The appropriate party paid the shipping cost of $150. 7 Returned $1,900 of inventory to Orbit Pro due to an error in the October 1 order. 10 Pold Orbit Pro for the purchase on Detober 1. 14 Barber b Co, returned $380 of inventory fron the sale on October 5 . The inventory had a cost of 5266. 22 Received the paynent from Barber 8 Co. on the October 5 sale. 23 Purchased $4,800 of hair conditioner from Keratin Hair; terns 2/10, n/30, Foe shipping point. The appropriate party paid the shipping cost of $1,000. 25 Sold nair gel to styiling Room for an invoice price of $2,400, terms 2/10,0/30, foe destination. The halr cel had a cost of 51,680 . The appropriate party paid the shipping cost of 3500 . 26 paid for the purchase on Cetober 23. 31 Recelved the payent from styling foun on the october 25 sale. Required: Record the joumal entries for the month of October. IIf no entry is required for a tronsoctionievent, select" No journal entry required" in the first occount field. Journal entry descriptions ore provided alresdy in the journol entry worksheet.) required" in the first account field. Journal entry descriptions are provided olready in the journal entry worksheet.) 1 Record purchase of merchandise on credit; terms 3/10, n/30, FOB shipping point. 2. Record payment for shipping cost. 3 Record sale of merchandise for $2,000; terms 2/10,n/30 shipping point. 4 Record the cost of inventory sold on October 5. 5 Record the shipping costs. 6 Record return of merchandise. 7 Record the accounts payable pald for Orbit Pro. Note: - journal entry has becen entered required" in the first account field. Journal entry descriptions are provided already in the journal entry worksheet.) 8 Record sales retum of merchandise only. 9 Record the cost of returned merchandise. 10 Record the collection of accounts receivable beyond the discount period. 11 Record purchase of merchandise on credit; terms 2/10, n/30, FOB shipping point. 12 Record payment of shipping cost. 13 Record the sale of merchandise for $2.400; terms 2/10, n/30 FOB destination. Note: - joumal entry has been entered required" in the first account field. Journal entry descriptions are provided already in the journal entry worksheet Step by Step Solution
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