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 transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) ..... Record purchase of radios on account from Radio World for $2,050, terms 2/15, n/45. Note: Enter debits before credits. Date General Journal Debit Credit June 02 Record payment of cash for freight charges related to the June 2 purchase from Radio World, $270. Note: Enter debits before credits. Date General Journal Debit Credit June 04 Record return of defective radios to Radio World and receive credit, $400. Note: Enter debits before credits. Date General Journal Debit Credit June 08 Record payment to Radio World in full. Note: Enter debits before credits. Date General Journal Debit Credit June 10 Sell radios to customers on account, $3,700, that had a cost of $2,550. Record the sale of inventory on account. Note: Enter debits before credits. Date General Journal Debit Credit June 11 Sell radios to customers on account, $3,700, that had a cost of $2,550. Record the cost of inventory sold. Note: Enter debits before credits. Date General Journal Debit Credit June 11 Record receipt of payment on account from customers, $2,700. Note: Enter debits before credits. Date General Journal Debit Credit June 18 Record purchase of radios on account from Sound Unlimited for $3,150, terms 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit June 20 Sell radios to customers for cash, $4,650, that had a cost of $2,950. Record the sale of inventory for cash. Note: Enter debits before credits. Date General Journal Debit Credit June 23 Sell radios to customers for cash, $4,650, that had a cost of $2,950. Record the cost of inventory sold. Note: Enter debits before credits. Date General Journal Debit Credit June 23 Record return of damaged radios to Sound Unlimited and receive credit of $500. Note: Enter debits before credits. Date General Journal Debit Credit June 26 Record payment to Sound Unlimited in full. Note: Enter debits before credits. Date General Journal Debit Credit June 28

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 transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) ..... Record purchase of radios on account from Radio World for $2,050, terms 2/15, n/45. Note: Enter debits before credits. Date General Journal Debit Credit June 02 Record payment of cash for freight charges related to the June 2 purchase from Radio World, $270. Note: Enter debits before credits. Date General Journal Debit Credit June 04 Record return of defective radios to Radio World and receive credit, $400. Note: Enter debits before credits. Date General Journal Debit Credit June 08 Record payment to Radio World in full. Note: Enter debits before credits. Date General Journal Debit Credit June 10 Sell radios to customers on account, $3,700, that had a cost of $2,550. Record the sale of inventory on account. Note: Enter debits before credits. Date General Journal Debit Credit June 11 Sell radios to customers on account, $3,700, that had a cost of $2,550. Record the cost of inventory sold. Note: Enter debits before credits. Date General Journal Debit Credit June 11 Record receipt of payment on account from customers, $2,700. Note: Enter debits before credits. Date General Journal Debit Credit June 18 Record purchase of radios on account from Sound Unlimited for $3,150, terms 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit June 20 Sell radios to customers for cash, $4,650, that had a cost of $2,950. Record the sale of inventory for cash. Note: Enter debits before credits. Date General Journal Debit Credit June 23 Sell radios to customers for cash, $4,650, that had a cost of $2,950. Record the cost of inventory sold. Note: Enter debits before credits. Date General Journal Debit Credit June 23 Record return of damaged radios to Sound Unlimited and receive credit of $500. Note: Enter debits before credits. Date General Journal Debit Credit June 26 Record payment to Sound Unlimited in full. Note: Enter debits before credits. Date General Journal Debit Credit June 28

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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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 transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.)

.....

Record purchase of radios on account from Radio World for $2,050, terms 2/15, n/45.