Question

acct 201

record the entries

(The following information applies to the questions displayed below) At the beginning of June, Circuit Country has a balance in inventory of $2,350. The following transactions occur during the month of June. 2 Purchase radios on account from Radio World for $2,050, terms 2/15, n/45 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $270. 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, $3,700, that had a cost of $2,550 June 18 Receive payment on account from customers, $2,700 June 20 Purchase radios on account from Sound Unlimited for $3,150, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,650, that had a cost of $2,950. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlinited in full Problem 6-3B Part 1 Required: 1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions. (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 6 < 7 8 12 Record receipt of payment on account from customers, $2,700. Note: Enter debits before credits. Date General Journal Credit Debit June 18 Record entry Clear entry View general journal

Answer 1

Date Particular Debit credit June 2. Radio Inventory Al $2050 Radio world All $2050 june y $270 Radio Inventory Alc cash $270 June 87 cash Radio Inventory $400 $400 Radio would $1650 cash Discount received $1617 $ 33 Acount Receivables $3700 Sale of radios $3700 Cost of goods sold $ 2550 Radio Inventory $2550.

June 18th $ 2700 cash Account Receivable $2700 Raclio Doventory Sound unlimited 8 3150 ung $3150 cash & $4650 Sale of radios ha $4650 cost of Goods sold $2950 Inventory radio $2950 $500 cash Radio Inventory $500 28th & Sound unlimited $2650 cars & cash ani delost $2597 Di scount Rellined $53