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. 2. Record the month-end adjustment to inventory, assuming that a final count reveals ending inventory with a cost of $1,334. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record period-end adjustment. Note: Enter debits before credits. Date General Journal Debit Credit June 30
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. 2. Record the month-end adjustment to inventory, assuming that a final count reveals ending inventory with a cost of $1,334. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record period-end adjustment. Note: Enter debits before credits. Date General Journal Debit Credit June 30
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. 2. Record the month-end adjustment to inventory, assuming that a final count reveals ending inventory with a cost of $1,334. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record period-end adjustment. Note: Enter debits before credits. Date General Journal Debit Credit June 30
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.
2. Record the month-end adjustment to inventory, assuming that a final count reveals ending inventory with a cost of $1,334. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Record period-end adjustment.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
June 30
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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