At the beginning of June, Circuit Country has a balance in inventory of $$2,750.$ The following transactions occur during the month of June.

June $2$ Purchase radios on account from Radio World for $$2,450,$ terms $\frac{2}{15},\frac{n}{45}.$

June $4$ Pay cash for freight charges related to the June $2$ purchase from Radio World, $$350.$

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, $$4,560,$ that had a cost of $$2,950.$

June $18$ Receive payment on account from customers, $$3,500.$

June $20$ Purchase radios on account from Sound Unlimited for $$3,550,$ terms $\frac{2}{10},\frac{n}{30}.$

June $23$ Sell radios to customers for cash, $$5,050,$ that had a cost of $$3,350.$

June $26$ Return damaged radios to Sound Unlimited and receive credit of $$300.$

June $28$ Pay Sound Unlimited in full.

Required:

Assuming that Circuit Country uses a perpetual inventory system, record the transactions.

Prepare the top section of the multiple$-$step income statement through gross profit for the month of June.

Complete this question by entering your answers in the tabs below.

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.$)$

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$....$

$12$

Record purchase of radios on account from Radio World for $$2,450,$ terms $\frac{2}{15},\frac{n}{45}.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[1$dots$n,,,]]$

Prey

$7$ of $9$

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