Problem 6-3B Record transactions and prepare a partial income statement using a perpetual inventory system (LO6-2, 6-5)
Required information Problem 6-3B Record transactions and prepare a partial income statement using a perpetual inventory system (L06-2, 6-5) [The following information applies to the questions displayed below.] At the beginning of June, Circuit Country has a balance in inventory of $2,650. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,350, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $330. 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, $4,300, that had a cost of $2,850. June 18 Receive payment on account from customers, $3,300. June 20 Purchase radios on account from Sound Unlimited for $3,450, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,950, that had a cost of $3,250. June 26 Return damaged radios to Sound Unlimited and receive credit of $400. June 28 Pay Sound Unlimited in full. Journal entry worksheet Record purchase of radios on account from Radio World for $2,350, terms 2/15, n/45. Note: Enter debits before credits. General Journal Debit Credit Date June 02 Record entry Clear entry View general journal Rectangular Snip Journal entry worksheet 1 N 3 3 4 5 6 7 8 ... III.. > 12 Record payment of cash for freight charges related to the June 2 purchase from Radio World, $330. Note: Enter debits before credits. General Journal Debit Credit Date June 04 Record entry Clear entry View general journal Rectangular Snip Journal entry worksheet Record return of defective radios to Radio World and receive credit, $300. Note: Enter debits before credits. Date General Journal Debit Credit June 08 Record entry Clear entry View general journal Rectangulars Journal entry worksheet IIIII Record payment to Radio World in full. Note: Enter debits before credits. General Journal Debit Credit Date June 10 Record entry Clear entry View general journal Journal entry worksheet IIIII Sell radios to customers on account, $4,300, that had a cost of $2,850. Record the sale of inventory on account. Note: Enter debits before credits. General Journal Debit Credit Date June 11 Record entry Clear entry View general journal Rectangular Ship Journal entry worksheet Sell radios to customers on account, $4,300, that had a cost of $2,850. Record the cost of inventory sold. Note: Enter debits before credits. General Journal Debit Credit Date June 11 Record entry Clear entry View general journal Journal entry worksheet Record receipt of payment on account from customers, $3,300. Note: Enter debits before credits. Date General Journal Debit Credit June 18 Record entry Clear entry View general journal Journal entry worksheet Sell radios to customers for cash, $4,950, that had a cost of $3,250. Record the sale of inventory for cash. Note: Enter debits before credits. Date General Journal Debit Credit June 23 Record entry Clear entry View general journal Journal entry worksheet Sell radios to customers for cash, $4,950, that had a cost of $3,250. Record the cost of inventory sold. Note: Enter debits before credits. General Journal Debit Credit Date June 23 Record entry Clear entry View general journal Journal entry worksheet Record return of damaged radios to Sound Unlimited and receive credit of $400. Note: Enter debits before credits. General Journal Debit Credit Date June 26 Record entry Clear entry View general journal Journal entry worksheet Record payment to Sound Unlimited in full. Note: Enter debits before credits. General Journal Debit Credit Date June 28 Record entry Clear entry View general journal Problem 6-3B Part 2 2. Prepare the top section of the multiple-step income statement through gross profit for the month of June. CIRCUIT COUNTRY Multiple-step Income Statement (partial) For the month of June
