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Problem 6-3B Record transactions and prepare a partial income statement using a perpetual inventory system (LO6-2, 6-5) [The following information applies to the questions
Problem 6-3B Record transactions and prepare a partial income statement using a perpetual inventory system (LO6-2, 6-5) [The following information applies to the questions displayed below.) At the beginning of June, Circuit Country has a balance in inventory of $2,700. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,400, terms 1/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $340. 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, $4,400, that had a cost of $2,900 June 18 Receive payment on account from customers, $3,400. June 20 Purchase radios on account from Sound Unlimited for $3,500, terms 3/10, n/30. June 23 Sell radios to customers for cash, $5,000, that had a cost of $3,300. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlimited in full. 12 Required: 1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Book rences Journal entry worksheet 8 12 Record purchase of radios on account from Radio World for $2,400, terms 1/15, n/45. Note: Enter debits before credits. Date June 02 General Journal Debit Credit 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.
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