Required information 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 $2,850. The following transactions occur during the month of June. June 2 Purchase radios on account from padio Wor 1d for 32,550 , terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio Wor1d, $370. June 8 Return defective radios, to Radio World and receive credit, $260. June 18 Pay Radio world in full. June 11 Sell radios to customers on account, $4,700, that had a cost of $3,050. June 18 Receive payment on account from customers, $3,700. June 28 Purchase radios on account from Sound Unlimited for $3,650, terms 2/10,n/30. June 23 sell radios to custamers for cash, $5,150, that had a cost of $3,450. June 20 Return danaged radios to sound Unilmited and receive credit of $500. June 28 Pay Sound Unlimited in full. Required: 1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions, (If no entry is rec transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 4567812 Record purchase of radios on account from Radio World for $2,550, terms 2/15,n/45. Note: Enter debits before credits. Required: 1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions. (If no entry is requ transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 567812> Record payment of cash for freight charges related to the June 2 purchase from Radio World, $370. Note: Enter debits before credits. Required: 1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions. (If no entry is requi transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Sell radios to customers for cash, $5,150, that had a cost of $3,450. Record the sale of inventory for cash. Note: Enter debits before credits. Required: 1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions. (If no entry is reqt transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Required: 1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions, (If no entry is requi transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record return of damaged radios to Sound Unlimited and receive credit of $500. Note: Enter debits before credits. Required: 1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions. (If no entry is requi transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet At the Deginning or June, Lircuit Lountry nas a Daiance in inventory or $,85U. I ne tollowing transacuo month of June. June 2 Purchase radios on account from Radio world for $2,550, terms 2/15,n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World. $378. 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, $4,700, that had a cost of $3,050. June 18 Receive paynent on account from customers, $3,700. June 20 Purchase radios on account from Sound Unlimited for $3,650, terms 2/10,n/36. June 23 Sell radios to customers for cash, $5,150, that had a cost of $3,450. June 26 Return danaged radios to Sound Un1imited and receive credit of $500. 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
