Problem $6-9$B $($Algo$)$ Record transactions and prepare a partial income statement using a periodic inventory system $($LO$6-8)$

At the beginning of June, Circuit Country has a balance in inventory of $$2,450.$ The following transactions occur during the month of June.

June $2$ Purchase radios on account from Radio World for $$2,150,$ terms $\frac{2}{15},\frac{n}{45}.$

June $4$ Pay cash for freight charges related to the June $2$ purchase from Radio World, $$290.$

June $8$ Return defective radios to Radio World and receive credit, $$300.$

June $10$ Pay Radio World in full.

June $11$ Sell radios to customers on account, $$3,900,$ that had a cost of $$2,650.$

June $18$ Receive payment on account from customers, $$2,900.$

June $20$ Purchase radios on account from Sound Unlimited for $$3,250,$ terms $\frac{2}{10},\frac{n}{30}.$

June $23$ Sell radios to customers for cash, $$4,750,$ that had a cost of $$3,050.$

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 periodic inventory system, record the transactions.

Record the month$-$end adjusting entry to inventory, assuming that a final count reveals ending inventory with a cost of $$1,744.$

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 periodic inventory system, record the transactions. $($If no entry is required for a particular transaction, select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

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Record purchase of radios on account from Radio World for $$2,150,$ terms $2/15,\frac{n}{45}.$

Note: Enter debits before credits.

General Journal

Debit

$($Please do all $3$ steps$)$