Question

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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 $5,200 of hair spray from Orbit Pro; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $390.
      5 Sold shampoo costing $1,750 to Barber & Co. for a price of $2,500 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $175.
        7 Returned $2,400 of inventory to Orbit Pro due to an error in the Oct. 1 order.
      10 Paid Orbit Pro for the purchase on October 1.
      14 Barber & Co. returned $480 of inventory from the sale on Oct. 5. The inventory had a cost of $336.
    22 Received the payment from Barber & Co. on the October 5 sale.
      23 Purchased $5,800 of hair conditioner from Keratin Hair; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $1,250.
      25 Sold hair gel to Styling Room for an invoice price of $2,900, terms 2/10, n/30, FOB destination. The hair gel had a cost of $2,030. The appropriate party paid the shipping cost of $625.
      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.)

Answer 1

Journal Entries:

Date	Account title and explanation	Debit	Credit
Oct 1	Inventory	$5,200
	Accounts payable		$5,200
	[To record purchase of inventory on account]
	Inventory	$390
	Cash		$390
	[To record payment of freight]
Oct 5	Accounts receivable	$2,500
	Sales revenue		$2,500
	[To record sales on account]
	Cost of goods sold	$1,750
	Inventory		$1,750
	[To record cost of goods sold]
Oct 7	Accounts payable	$2,400
	Inventory		$2,400
	[To record purchase returns]
Oct 10	Accounts payable [5,200 - 2,400]	$2,800
	Inventory [$2,800 x 3%]		$84
	Cash		$2,716
	[To record cash paid for accounts payable]
Oct 14	Sales returns and allowance	$480
	Accounts receivable		$480
	[To record sales returns]
	Inventory	$336
	Cost of goods sold		$336
	[To record cost of sales returns]
Oct 22	Cash	$2,020
	Accounts receivable [2,500-$480]		$2,020
	[To record collections from customers]
Oct 23	Inventory	$5,800
	Accounts payable		$5,800
	[To record purchase of inventory on account]
	Inventory	$1,250
	Cash		$1,250
	[To record payment of freight]
Oct 25	Accounts receivable	$2,900
	Sales revenue		$2,900
	[To record sales on account]
	Cost of goods sold	$2,030
	Inventory		$2,030
	[To record cost of goods sold]
Oct 26	Accounts payable	$5,800
	Inventory [$5,800 x 2%]		$116
	Cash		$5,684
	[To record cash paid for accounts payable]
Oct 31	Cash	$2,842
	Sales discount [$2,900 x 2%]	$58
	Accounts receivable		$2,900
	[To record collection from customers]