Table 5-10 $\text {Sunni Brown operates a business supplying hairstyling products (Sunni's Hairstyling}$

question 96

Essay

Table 5-10
$\text {Sunni Brown operates a business supplying hairstyling products (Sunni's Hairstyling}$
$\text { Products) to hair salons in downtown Halifax. She offers her clients' terms of \(2 / 10 , n / 30\)}$
$\text { on all sales and she uses a perpetual inventory system to account for her inventory.}$
$\text { Transactions in the month of July were as follows:}$ July $\quad$ 1 Purchased $\$ 24,000$ of inventory on credit $1 / 5 , n / 15$ , FOB shipping point.
$\quad$ $\quad$ 2 Paid the shipping fee of $\$ 500$ for the July 1st purchase.
$\quad$ $\quad$ 5 Purchased supplies on credit for $\$ 350 , \mathrm { n } / 30$ .
$\quad$ $\quad$ 8 Sold inventory on credit to a customer for $\$ 5,600$ (cost $\$ 3,100$ ).
$\quad$ $\quad$ Sold inventory on credit to a customer for $\$ 12,300$ less a quantity discount of
$\quad$ $\quad$$1210 \%$ (cost $\$ 6,930 )$
$\quad$ $\quad$ 12 Purchased $\$ 6,500$ of inventory on credit $2 / 10$ , n/30, FOB destination.
$\quad$ $\quad$ 15 Returned $\$ 1,000$ of defective merchandise from the July 1st purchase
$\quad$ $\quad$ 16 Paid for the July 1st purchase less the return.
$\quad$ $\quad$ 18 Received payment from the sale on July 8th.
$\quad$ $\quad$ 22 Received payment from the sale on July 12 th.
$\quad$ $\quad$ 25 Paid the July utility bill, $\$ 250$ .
$\quad$ $\quad$ 30 Paid emp loyee's salary $\$ 2,200$ .
-Refer to Table 5-10. Record the July transactions in the general journal.

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Definitions:

Vulnerable

Susceptible to physical or emotional harm.

Lacks Reliable Information

A condition where there is an absence of dependable data or evidence to support claims or understanding.

Restless

The feeling of being unable to stay still or calm, often due to anxiety or boredom.

Receptivity

Whether you “get” (pay attention to, understand) the message.