Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ALL I NEED HELP WITH IS COMPLETING THE PROBLEM I GOT WRONG. IT IS WRONG AND INCOMPLETED D Required information [The following information applies to

image text in transcribedimage text in transcribedimage text in transcribedALL I NEED HELP WITH IS COMPLETING THE PROBLEM I GOT WRONG. IT IS WRONG AND INCOMPLETED

D Required information [The following information applies to the questions displayed below.] At the beginning of June, Circuit Country has a balance in inventory of $2,200. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $1,900, terms 1/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $240. 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, $3,400, that had a cost of $2,400. June 18 Receive payment on account from customers, $2,400. June 20 Purchase radios on account from Sound Unlimited for $3,000, terms 3/10, n/30. June 23 Sell radios to customers for cash, $4,500, that had a cost of $2,800. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlimited in full. 2. Prepare the top section of the multiple-step income statement through gross profit for the month of June. Answer is not complete. CIRCUIT COUNTRY Multiple-step Income Statement (partial) For the month of June Net Sales $ 7,900 Cost of Good Sold Sales Revenue X 2,700 X 5,200 June 02 1,900 Inventory Accounts Payable >> 1,900 June 04 240 Inventory Cash 240 June 08 400 Accounts Payable Inventory 400 June 10 1,500 Accounts Payable Inventory Cash 15 1,485 June 11 3,400 Accounts Receivable Sales Revenue 3,400 June 11 2,400 Cost of Goods Sold Inventory >> 2,400 June 18 2,400 Cash Accounts Receivable 2.400 June 20 3,000 Inventory Accounts Payable 3,000 June 23 4,500 Cash Sales Revenue 4,500 June 23 2,800 Cost of Goods Sold Inventory >> 2,800 June 26 500 Accounts Payable Inventory 500 > 15 Inventory Cash 1,485 30 OO 5 June 11 3,400 Accounts Receivable Sales Revenue 3,400 6 June 11 2,400 Cost of Goods Sold Inventory Olo 2,400 7 June 18 2,400 Cash Accounts Receivable >> 2,400 8 June 20 3,000 Inventory Accounts Payable 3,000 9 June 23 4,500 Cash Sales Revenue Olo 4,500 10 June 23 2,800 Cost of Goods Sold Inventory 2,800 11 June 26 500 Accounts Payable Inventory > 500 12 June 28 2,500 Accounts Payable Inventory Cash 75 2,425

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Anne Britton, Chris Waterston

4th Edition

0273703609, 978-0273703600

More Books

Students also viewed these Accounting questions

Question

What appraisal intervals are often used in appraisal reviews?

Answered: 1 week ago

Question

What are the various alternatives?

Answered: 1 week ago