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:

Commonwealth Vs. Hunt

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A legal principle that defines agreement between two or more parties to commit an unlawful act or a lawful act in an unlawful manner.

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Landrum-Griffin Act

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