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Problem 6-3B Record transactions and prepare a partial income statement using a perpetual inventory system (LO6-2, 6-5) Skip to question [The following information applies to
Problem 6-3B Record transactions and prepare a partial income statement using a perpetual inventory system (LO6-2, 6-5)
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At the beginning of June, Circuit Country has a balance in inventory of $2,400. The following transactions occur during the month of June.
June | 2 | Purchase radios on account from Radio World for $2,100, terms 1/15, n/45. | ||
June | 4 | Pay cash for freight charges related to the June 2 purchase from Radio World, $280. | ||
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, $3,800, that had a cost of $2,600. | ||
June | 18 | Receive payment on account from customers, $2,800. | ||
June | 20 | Purchase radios on account from Sound Unlimited for $3,200, terms 3/10, n/30. | ||
June | 23 | Sell radios to customers for cash, $4,700, that had a cost of $3,000. | ||
June | 26 | Return damaged radios to Sound Unlimited and receive credit of $400. | ||
June | 28 | Pay Sound Unlimited in full. |
Problem 6-3B Part 2
2. Prepare the top section of the multiple-step income statement through gross profit for the month of June.
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