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.

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Description: !Required informationProblem 6-9B Record transactions and prepare a partial income statement using a periodic inventorysystem (LO6-8)[The following information applies to the questions displayed below.]At the beginning of June, Circuit Country has a

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 Exercise 7-15A (Algo) Comprehensive single-cycle problem LO 7-1, 7-5, [The following information applies to the questions displayed below.] The following post-closing list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 2: Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings $ 5,060 17,245 2,295 24,980 10,130 21,000 13,860 Transactions for Year 3 1. Acquired an additional $9,100 cash from the issue of common stock. 2. Purchased $60,100 of inventory on account. 3. Sold inventory that cost $62,300 for $96,600. Sales were made on account. 4. The company wrote off $1,450 of uncollectible accounts. 5. On September 1, LGS loaned $10,500 to Eden Company. The note had an 8 percent interest rate and a one-year term. 6. Paid $15,740 cash for operating expenses. 7. The company collected $84,960 cash from accounts receivable. 8. A cash payment of $50,610 was paid on…
Page 4 of 9 Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash. Oct. 3 Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 1/30, n/45. FOB shipping point. 4 The correct company paid $150 cash freight for above shipment 6 Sold 10 bikes to Doug's Bicycle for $1,500 each, terms 1/15, n/30. Terms FOB destination. 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13 Issued a credit to Doug's Bicycle for the return of one bike from Oct 6 sale. 17 Purchased with cash Office Supplies from the Office Depot in the amount of $200. 20 Doug's Bicycle paid their account in full 24 Paid Lyons Bike Company. Required: Part A: Journalize the above transactions Part B: Calculate the balance of inventory at October 31, assuming the opening balance is $5,000 Part C: dentify one transaction that would be recorded…
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