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At the beginning of June, Circuit Country has a balance in inventory of $2,600. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,300, terms 1/15, n/45. 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $320. 8 Return defective radios to Radio World and receive credit, $200. June June June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4, 200, that had a cost of $2,800. June 18 Receive payment on account from customers, $3,200. June 20 Purchase radios on account from Sound Unlimited for $3,400, terms 3/10, n/30. June 23 Sell radios to customers for cash, $4,900, that had a cost of $3,200. June 26 Return damaged radios to Sound Unlimited and receive credit of $300. June 28 Pay Sound Unlimited in full. 2. 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 Net Sales Cost of Good Sold Sales Discounts Gross Profit

At the beginning of June, Circuit Country has a balance in inventory of $2,600. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,300, terms 1/15, n/45. 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $320. 8 Return defective radios to Radio World and receive credit, $200. June June June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4, 200, that had a cost of $2,800. June 18 Receive payment on account from customers, $3,200. June 20 Purchase radios on account from Sound Unlimited for $3,400, terms 3/10, n/30. June 23 Sell radios to customers for cash, $4,900, that had a cost of $3,200. June 26 Return damaged radios to Sound Unlimited and receive credit of $300. June 28 Pay Sound Unlimited in full. 2. 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 Net Sales Cost of Good Sold Sales Discounts Gross Profit

FINANCIAL ACCOUNTING
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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! Required information [The following information applies to the questions displayed below.] At the beginning of June, Circuit Country has a balance in inventory of $2,600. The following transactions occur during the month of June. 2 Purchase radios on account from Radio World for $2,300, terms 1/15, n/45. 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $320. 8 Return defective radios to Radio World and receive credit, $200. June June June June 10 Pay Radio World in full. June 11 Sel1 radios to customers on account, $4, 200, that had a cost of $2,800. June 18 Receive payment on account from customers, $3,200. June 20 Purchase radios on account from Sound Unlimited for $3,400, terms 3/10, n/3o. June 23 Sell radios to customers for cash, $4,900, that had a cost of $3,200. June 26 Return damaged radios to Sound Unlimited and receive credit of $300. June 28 Pay Sound Unlimited in full. 2. 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 Net Sales Cost of Good Sold Sales Discounts Gross Profit
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] At the beginning of June, Circuit Country has a balance in inventory of $2,600. The following transactions occur during the month of June. 2 Purchase radios on account from Radio World for $2,300, terms 1/15, n/45. 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $320. 8 Return defective radios to Radio World and receive credit, $200. June June June June 10 Pay Radio World in full. June 11 Sel1 radios to customers on account, $4, 200, that had a cost of $2,800. June 18 Receive payment on account from customers, $3,200. June 20 Purchase radios on account from Sound Unlimited for $3,400, terms 3/10, n/3o. June 23 Sell radios to customers for cash, $4,900, that had a cost of $3,200. June 26 Return damaged radios to Sound Unlimited and receive credit of $300. June 28 Pay Sound Unlimited in full. 2. 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 Net Sales Cost of Good Sold Sales Discounts Gross Profit
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