At the beginning of June, Circuit Country has a balance in inventory of $2,250 The following transactions occur during the month of June June 2 Purchase radios on account from Radio World for $1,950, terms 2 15, n 45 June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $250 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, $3,500, that had a cost of $2,450 June 18 Receive payment on account from customers, $2,500 June 20 Purchase radios on account from Sound Unlimited for $3,050, terms 2 10, n 30 June 23 Sell radios to customers for cash, $4,550, that had a cost of $2,850 June 26 Return damaged radios to Sound Unlimited and receive credit of $400 June 28 Pay Sound Unlimited in full Required 1 Assuming that Circuit 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

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At the beginning of June, Circuit Country has a balance in inventory of $2,250. The following transactions occur during the month of June. June 2

At the beginning of June, Circuit Country has a balance in inventory of $2,250. The following transactions occur during the month of June.

June 2	Purchase radios on account from Radio World for $1,950, terms 2/15, n/45.
June 4	Pay cash for freight charges related to the June 2 purchase from Radio World, $250.
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, $3,500, that had a cost of $2,450.
June 18	Receive payment on account from customers, $2,500.
June 20	Purchase radios on account from Sound Unlimited for $3,050, terms 2/10, n/30.
June 23	Sell radios to customers for cash, $4,550, that had a cost of $2,850.
June 26	Return damaged radios to Sound Unlimited and receive credit of $400.
June 28	Pay Sound Unlimited in full.

Required:

1. Assuming that Circuit 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.