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 Radio World, $278. Pay cash for freight charges related to the June 2 purchase from June 8 Return defective radios to Radio World and receive credit, $400. June 10 Pay Radio World in full. Sell radios to customers on account, $3,708, that had a cost of June 11 $2,550. June 18 Receive payment on account from customers, $2,700. Purchase radios on account from Sound Unlimited for $3,150, terms June 20 2/10, n/30. Sell radios to customers for cash, $4,650, that had a cost of June 23 $2,950. Return damaged radios to Sound Unlimited and receive credit of $500. June 26 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 Radio World, $278. Pay cash for freight charges related to the June 2 purchase from June 8 Return defective radios to Radio World and receive credit, $400. June 10 Pay Radio World in full. Sell radios to customers on account, $3,708, that had a cost of June 11 $2,550. June 18 Receive payment on account from customers, $2,700. Purchase radios on account from Sound Unlimited for $3,150, terms June 20 2/10, n/30. Sell radios to customers for cash, $4,650, that had a cost of June 23 $2,950. Return damaged radios to Sound Unlimited and receive credit of $500. June 26 June 28 Pay Sound Unlimited in full.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please dont provide solution image based thnx
![Problem 6-9B Record transactions and prepare a partial income
statement using a periodic inventory system (LO6-8)
[The following information applies to the questions displayed below.]
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
for freight charges related to the June 2 purchase from
June 4 Radio World, $278.
2/15, n/45.
Pay cash
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, $3,708, that had a cost of
$2,550.
June 18 Receive payment on account from customers, $2,700.
June 20
June 23 $2,950.
Purchase radios on account from Sound Unlimited for $3,150, terms
2/10, n/30.
Sell radios to customers for cash, $4,650, that had a cost of
June 26 Return damaged radios to Sound Unlimited and receive credit of
$500.
June 28 Pay Sound Unlimited in full.
Problem 6-98 Part 2
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.)
View transaction list
Journal entry worksheet
<
1
Record period-end adjustment.
Note: Enter debits before credits.
Date
June 30
< Prev
General Journal
-00
15 16
m
Debit
Credit
Required information
Problem 6-9B Record transactions and prepare a partial income
statement using a periodic inventory system (LO6-8)
[The following information applies to the questions displayed below]
At the beginning of June, Circuit Country has a balance in inventory of $2,350.
The following transactions occur during the month of June.
Purchase radios on account from Radio World for $2,050, terms
June 2 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.
Sell radios to customers on account, $3,700, that had a cost of
June 11 $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, $4,658, 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.
Problem 6-9B Part 3
3. Prepare the top section of the multiple-step income statement through gross profit for the month
of June.
CIRCUIT COUNTRY
Multiple-step Income Statement (partial)
For the month of June
Cost of goods sold:
Beginning inventory
Cost of goods available for sale
Cost of goods sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F56495a45-1a38-4492-8e75-566170796f92%2Ff4bfe20d-bddf-4281-954a-118f23d413d7%2Ftjzsauy_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 6-9B Record transactions and prepare a partial income
statement using a periodic inventory system (LO6-8)
[The following information applies to the questions displayed below.]
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
for freight charges related to the June 2 purchase from
June 4 Radio World, $278.
2/15, n/45.
Pay cash
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, $3,708, that had a cost of
$2,550.
June 18 Receive payment on account from customers, $2,700.
June 20
June 23 $2,950.
Purchase radios on account from Sound Unlimited for $3,150, terms
2/10, n/30.
Sell radios to customers for cash, $4,650, that had a cost of
June 26 Return damaged radios to Sound Unlimited and receive credit of
$500.
June 28 Pay Sound Unlimited in full.
Problem 6-98 Part 2
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.)
View transaction list
Journal entry worksheet
<
1
Record period-end adjustment.
Note: Enter debits before credits.
Date
June 30
< Prev
General Journal
-00
15 16
m
Debit
Credit
Required information
Problem 6-9B Record transactions and prepare a partial income
statement using a periodic inventory system (LO6-8)
[The following information applies to the questions displayed below]
At the beginning of June, Circuit Country has a balance in inventory of $2,350.
The following transactions occur during the month of June.
Purchase radios on account from Radio World for $2,050, terms
June 2 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.
Sell radios to customers on account, $3,700, that had a cost of
June 11 $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, $4,658, 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.
Problem 6-9B Part 3
3. Prepare the top section of the multiple-step income statement through gross profit for the month
of June.
CIRCUIT COUNTRY
Multiple-step Income Statement (partial)
For the month of June
Cost of goods sold:
Beginning inventory
Cost of goods available for sale
Cost of goods sold
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education