Reference no: EM132568461

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:

Question 1: 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.)