Problem 6-3B Record transactions and prepare a partial income statement usim system (LO6-2, 6-5) (The following information applies to the questions displayed below.) At the beginning of June, Circuit Country has a balance in inventory of $2,550. The following month of June. June 2 Purchase radios on account from Radio World for $2,25o, terms 2/15, n/45. 4 Pay cash tor freight eharges related to the June 2 purchase from Radio Wor 8 Return defective radios to Radio World and receive credit, $400. June June June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4,100, that had a cost of $2,750. June 18 Receeive payment on account from customers, $3,100. June 20 Purchase radios on account from Sound Unlimited for $3,350, terms 2/10, n/ June 23 Sell radios to customers for cash, $4,850, that had a cost of $3,150. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlimited in full.
Problem 6-3B Record transactions and prepare a partial income statement usim system (LO6-2, 6-5) (The following information applies to the questions displayed below.) At the beginning of June, Circuit Country has a balance in inventory of $2,550. The following month of June. June 2 Purchase radios on account from Radio World for $2,25o, terms 2/15, n/45. 4 Pay cash tor freight eharges related to the June 2 purchase from Radio Wor 8 Return defective radios to Radio World and receive credit, $400. June June June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4,100, that had a cost of $2,750. June 18 Receeive payment on account from customers, $3,100. June 20 Purchase radios on account from Sound Unlimited for $3,350, terms 2/10, n/ June 23 Sell radios to customers for cash, $4,850, that had a cost of $3,150. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlimited in full.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 6-3B Record transactions and prepare a partial income statement using a perpetual inventory
system (LO6-2, 6-5)
(The following information applies to the questions displayed below.)
At the beginning of June, Circuit Country has a balance in inventory of $2,550. The following transactions occur during the
month of June.
2 Purchase radios on account from Radio World for $2,250, terms 2/15, n/45.
4 Pay cash for freight charges related to the June 2 purchase from Radio World, $310.
8 Return defective radios to Radio World and receive credit, $400.
June
June
June
June 10 Pay Radio World in full.
June 11 Sell radios to customers on account, $4,100, that had a cost of $2,750.
June 18 Receive payment on account from customers, $3,100.
June 20 Purchase radios on account from Sound Unlimited for $3,350, terms 2/10, n/30.
June 23 Sell radios to customers for cash, $4,850, that had a cost of $3,150.
June 26 Return damaged radios to Sound Unlimited and receive credit of $500.
June 28 Pay Sound Unlimited in full.
Problem 6-3B Part 2
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
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