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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