Required Information Problem 6-38 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 $2,450. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,150, terms 2/15, 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 1e Pay Radio World in full. June 11 Sell radios to customers on account, $3,988, that had a cost of $2,650. June 18 Receive payment on account from customers, $2,988. June 20 Purchase radios on account from Sound Unlimited for $3,250, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,750, that had a cost of $3,250. June 26 Return damaged radios to Sound Unlimited and receive credit of $300. June 28 Pay Sound Unlimited in full. Problem 6-3B Part 1 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 View journal entry worksheet X Debit Credit 2 Record payment of cash for freight charges related to the June 2 purchase from Radio World, $290. 3 Record return of defective radios to Radio World and receive credit, $300. Record payment to Radio World in full. 5 Sell radios to customers on account, $3,900, that had a cost of $2,650. Record the sale of inventory on account. 6 Sell radios to customers on account, $3,900, that had a cost of $2,550. Record the cost of inventory sold. 7 Record receipt of payment on account from customers, Note : = journal entry has been entered