Required:1. Assuming that Circuit Country uses a periodic inventory system, record the transactions. (If no entry is required for a particulartransaction, select "No Journal Entry Required" in the first account field.)X Answer is complete but not entirely correct.NoDateGeneral JournalDebitCredit1June 02Purchases2,250Accounts Payable2,250June 04Freight-in310Cash3103June 08Accounts Payable400Purchases4004June 10Accounts Payable1,850Purchase Discounts37Cash1,813June 11Accounts Receivable4,100Sales Revenue4,100June 11Cost of Goods Sold2,750Inventory2,750 !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 balance in inventory of $2,550. The following transactions occur during themonth 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.JuneJuneJuneJune 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 Selll 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 1Required:1. Assuming that Circuit Country uses a periodic inventory system, record the transactions. (If no entry is required for a particulartransaction, select "No Journal Entry Required" in the first account field.)X Answer is complete but not entirely correct.

The journal keeps the record for day to day transactions of the business. Under periodic inventory…

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 th 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.

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 th 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.

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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