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At the beginning of June, Circuit Country has a balance in inventory of $2,600. The following transactions occur during the month of June. June 2
At the beginning of June, Circuit Country has a balance in inventory of $2,600. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,300, termil 1/15,n/45. June 4 pay cash for freight charges related to the June 2 purehase from Radio. World, $320. June 8 Return defective radios to Radio horld and receive eredit, $200. June 10 Pay Radio World in full. June 11 \$ell radion to customers on account, $4,200, that had a cost of $2,800. June 18 Receive payment on account from customers, $3,200. June 20 . Turchase radion on account from Sound Unilmited for $3,400, termi 3/10,n/30. June 23 Sell radion to customers for eash, $4,900, that had a cost of $3,200. June 26 Return damaged radios to Sound Unlinited and receive eredit of 5300 . June 28 Pay Sound Unlinited in full. Required: 1. Assuming that Circult Country uses a perpetual inventory system, record the transactions. 2. Prepare the top section of the multiple-step income statement through gross profit for the month of June. Journal entry worksheet Record purchase of radios on account from Radio World for $2,300, terms 1/15,n/45. Note: Enter debits before credits. Journal entry worksheet Record payment of cash for freight charges related to the June 2 purchase from Radio World, $320. Note: Enter debits before credits. Journal entry worksheet 567812 Record return of defective radios to Radio World and receipt of credit, \$200. Note: Enter debits before credits. Journal entry worksheet
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