Chad Funk is a hair stylist who opened a business selling hair products. He imports products from around the world and sells to salo in Canada. Oct. 1 Purchased $3,600 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipp cost of $310. 5 Sold shampoo costing $1,190 to Barber & Co. for a price of $1,700 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $135. 7 Returned $1,600 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 $320 of inventory from the sale on October 5. The inventory had a cost of $224. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,200 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid shipping cost of $850. 25 Sold hair gel to Styling Room for an invoice price of $2,100, terms 2/10, n/30, FOB destination. The hair gel had a cost $1,470. The appropriate party paid the shipping cost of $425. 26 Paid for the purchase on October 23. 31 Received the payment from Styling Room on the October 25 sale.
Chad Funk is a hair stylist who opened a business selling hair products. He imports products from around the world and sells to salo in Canada. Oct. 1 Purchased $3,600 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipp cost of $310. 5 Sold shampoo costing $1,190 to Barber & Co. for a price of $1,700 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $135. 7 Returned $1,600 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 $320 of inventory from the sale on October 5. The inventory had a cost of $224. 22 Received the payment from Barber & Co. on the October 5 sale. 23 Purchased $4,200 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid shipping cost of $850. 25 Sold hair gel to Styling Room for an invoice price of $2,100, terms 2/10, n/30, FOB destination. The hair gel had a cost $1,470. The appropriate party paid the shipping cost of $425. 26 Paid for the purchase on October 23. 31 Received the payment from Styling Room on the October 25 sale.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format ?
Transcribed Image Text: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 $3,600 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping
cost of $310.
5
Sold shampoo costing $1,198 to Barber & Co. for a price of $1,700 with terms of 2/10, n/30, FOB shipping point. The
appropriate party paid the shipping cost of $135.
7 Returned $1,600 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 $320 of inventory from the sale on October 5. The inventory had a cost of $224.
22 Received the payment from Barber & Co. on the October 5 sale.
23 Purchased $4,200 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid the
shipping cost of $850.
25 Sold hair gel to Styling Room for an invoice price of $2,100, terms 2/10, n/30, FOB destination. The hair gel had a cost of
$1,470. The appropriate party paid the shipping cost of $425.
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.)
Transcribed Image Text:View transaction list
Journal entry worksheet
1
2 3
Note: Enter debits before credits.
Date
Oct. 01
4
Record entry
5
сл
Record purchase of merchandise on credit; terms 3/10, n/30, FOB shipping
point.
General Journal
6 7 8 17
Clear entry
...
Debit
Credit
View general journal
>
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