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 $2,450. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,150, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $290. June 8 Return defective radios to Radio World and receive credit, $300. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $3,900, that had a cost of $2,650. June 18 Receive payment on account from customers, $2,900. June 20 Purchase radios on account from Sound Unlimited for $3,250, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,750, that had a cost of $3,050. June 26 Return damaged radios to Sound Unlimited and receive credit of $300. June 28 Pay Sound Unlimited in full.

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 $2,450. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,150, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $290. June 8 Return defective radios to Radio World and receive credit, $300. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $3,900, that had a cost of $2,650. June 18 Receive payment on account from customers, $2,900. June 20 Purchase radios on account from Sound Unlimited for $3,250, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,750, that had a cost of $3,050. June 26 Return damaged radios to Sound Unlimited and receive credit of $300. June 28 Pay Sound Unlimited in full.

Name: !Required informationRequired:1. Assuming that Circuit Country uses a
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Description: !Required informationRequired:1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field.)View transacti

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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