Question

work (Algo) Saved Help O You skipped this question in the previous attempt Required information Problem 6-3B Record transactions and prepare a partial income statement using a perpetual inventory system (L06-2, 6-5) (The following information applies to the questions displayed below] At the beginning of June, Circuit Country has a balance in inventory of $2,500. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,200, terms 2/15, 1/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $300. June 8 Return defective radios to Radio World and receive credit, $200. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4,000, that had a cost of $2,700. June 18 Receive payment on account from customers, $3,000. June 20 Purchase radios on account from Sound Unlimited for $3,300, terms 3/10, 1/30. June 23 Sell radios to customers for cash, $4,800, that had a cost of $3,100. June 26 Return damaged radios to Sound Unlimited and receive credit of 5400 June 28 Pay Sound Unlimited in full. Problem 6-38 Part 1 < Prev

Answer 1

			Debit	Credit
1	June 2	Inventory	2200
		Accounts Payable		2200
2	June 4	Inventory	300
		Cash		300
3	June 8	Accounts Payable	200
		Inventory		200
4	June 10	Accounts Payable	2000
		Inventory		40	=2000*2%
		Cash		1960
5	June 11	Accounts Receivable	4000
		Sales Revenue		4000
6	June 11	Cost of goods sold	2700
		Inventory		2700
7	June 18	Cash	3000
		Accounts Receivable		3000
8	June 20	Inventory	3300
		Accounts Payable		3300
9	June 23	Accounts Receivable	4800
		Cash		4800
10	June 23	Cost of goods sold	3100
		Inventory		3100
11	June 26	Accounts Payable	400
		Inventory		400
12	June 28	Accounts Payable	2900
		Inventory		87	=2900*3%
		Cash		2813