Problem 6-9B Record transactions and prepare a partial income statement using a periodic in 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 $2,550. The following transactions oc month of June. June 2 Purchase radios on account from Radio World for $2,250, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $310. 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, $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 6-9B Record transactions and prepare a partial income statement using a periodic in 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 $2,550. The following transactions oc month of June. June 2 Purchase radios on account from Radio World for $2,250, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $310. 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, $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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $2,550. 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 6-9B Part 2
2.
Record the month-end adjustment to inventory, assuming that a final count reveals ending inventory with a cost of $1,566. (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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcc35bfef-1e1d-4e62-a745-481127990680%2F470834a0-5218-42ef-aae3-a62863901b53%2Fwtnn8t_processed.png&w=3840&q=75)
Transcribed Image Text:!
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 $2,550. 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 6-9B Part 2
2.
Record the month-end adjustment to inventory, assuming that a final count reveals ending inventory with a cost of $1,566. (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

Transcribed Image Text:!
Required information
2.
Record the month-end adjustment to inventory, assuming that a final count reveals ending inventory with a cost of $1,566. (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
General Journal
Debit
Credit
June 30
Expert Solution
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Step 1 Introduction
The periodic inventory method does not keep record for cost of goods sold with every purchase transaction.
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