At the beginning of June, Circuit Country has a balance in inventory of $2,350. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,050, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $270. June 8 Return defective radios to Radio World and receive credit, $400. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $3,700, that had a cost of $2,550. June 18 Receive payment on account from customers, $2,700. June 20 Purchase radios on account from Sound Unlimited for $3,150, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,650, that had a cost of $2,950. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlimited in full.

At the beginning of June, Circuit Country has a balance in inventory of $2,350. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,050, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $270. June 8 Return defective radios to Radio World and receive credit, $400. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $3,700, that had a cost of $2,550. June 18 Receive payment on account from customers, $2,700. June 20 Purchase radios on account from Sound Unlimited for $3,150, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,650, that had a cost of $2,950. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlimited in full.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1PB: Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased...

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Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.
At the beginning of June, Circuit Country has a balance in inventory of $2, 300. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,000, terms 1/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $260. June 8 Return defective radios to Radio World and receive credit, $300. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $3,600, that had a cost of $2,500. June 18 Receive payment on account from customers, $2,600. June 20 Purchase radios on account from Sound Unlimited for $3, 100, terms 3/10, n/30. June 23 Sell radios to customers for cash, $4,600, that had a cost of $2,900. June 26 Return damaged radios to Sound Unlimited and receive credit of $ 300. June 28 Pay Sound Unlimited in full. Required: 1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions. 2. Prepare the top section of the multiple-step income…
At the beginning of June, Circuit Country has a balance in inventory of $2,350. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,050, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $270. June 8 Return defective radios to Radio World and receive credit, $400. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $3,700, that had a cost of $2,550. June 18 Receive payment on account from customers, $2,700. June 20 Purchase radios on account from Sound Unlimited for $3,150, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,650, that had a cost of $2,950. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlimited in full. Required:1. Assuming that Circuit Country uses a periodic inventory system, record the…
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On March 1, Bates Board Shop sells 290 surfboards to a local lifeguard station at a sales price of $420 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. Assume the perpetual inventory system is used. A. the initial sale B. the subsequent customer payment on March 10 If an amount box does not require an entry, leave it blank. Mar. 1 Mar. 1 Mar. 10 Accounts Receivable Accounts Payable Cash Sales Discounts Sales II II III II II III
please dont give handwritten answer thank you
nces At the beginning of July, CD City has a balance in Inventory of $2,650. The following transactions occur during the month of July. July 3 Purchase CDs on account from wholesale Music for $1,550, terms 2/10, 1/30. July 4 Pay cash for freight charges related to the July 3 purchase from wholesale Music, $100. July 9 Return incorrectly ordered CDs to wholesale Music and receive credit, $300. July 11 Pay Wholesale Music in full. July 12 Sell CDs to customers on account, $4,300, that had a cost of $2,250. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,350, terms 2/10, 1/30. July 22 sell CDs to customers for cash, $3,450, that had a cost of $1,750. July 28 Return CDs to Husic Supply and receive credit of $150. July 30 Pay Music Supply in full. Required: 1. Assuming that CD City uses a perpetual Inventory system, record the transactions. 2. Prepare the top section of the multiple-step income statement…
Sundance Systems has the following transactions during July.July 5 Purchases 40 LCD televisions on account from Red River Supplies for $2,500 each, terms 3/10, n/30.July 8 Returns to Red River two televisions that had defective sound.July 13 Pays the full amount due to Red River.July 28 Sells remaining 38 televisions from July 5 for $3,000 each on account.Required:Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system.

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June	2	Purchase radios on account from Radio World for $2,050, terms 2/15, n/45.
June	4	Pay cash for freight charges related to the June 2 purchase from Radio World, $270.
June	8	Return defective radios to Radio World and receive credit, $400.
June	10	Pay Radio World in full.
June	11	Sell radios to customers on account, $3,700, that had a cost of $2,550.
June	18	Receive payment on account from customers, $2,700.
June	20	Purchase radios on account from Sound Unlimited for $3,150, terms 2/10, n/30.
June	23	Sell radios to customers for cash, $4,650, that had a cost of $2,950.
June	26	Return damaged radios to Sound Unlimited and receive credit of $500.
June	28	Pay Sound Unlimited in full.