Required information [The following information applies to the questions displayed below) At the beginning of June, Circuit Country has a balance in inventory of $2,800. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,500, terms 1/15, 1/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $360. 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, $4,600, that had a cost of $3,000. June 18 Receive payment on account from customers, $3,600. June 20 Purchase radios on account from Sound Unlimited for $3,600, terms 3/10, n/30. June 23 Sell radios to customers for cash, $5, 100, that had a cost of $3,480. June 26 Return damaged radios to Sound Unlimited and receive credit of $400. June 28 Pay Sound Unlimited in full. Required: 1. Assuming that Circuit Country uses a periodic inventory system, record the transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) EX 13 12 1 Record purchase of radios on account from Radio World for $2,500, terms 1/15, n/45. irms 2 Record payment of cash for freight charges related to the June 2 purchase from Radio World, $360. 3 Record return of defective radios to Radio World and receive credit, $300. Credit 4 Record payment to Radio World in full. 5 Sell radios to customers on account, $4,600, that had a cost of $3,000. Record the sale of Inventory on account. 6 Sell radios to customers on account, $4,600, that had a Note: journal entry has been entered Record entry Clear entry View general journal Required information X 12 7 Record receipt of payment on account from customers, $3,600. rms 8 Record purchase of radios on account from Sound Unlimited for $3,600, terms 3/10, n/30. 9 Sell radios to customers for cash, $5,100, that had a cost of $3,400. Record the sale of inventory for cash. Credit 10 Sell radios to customers for cash, $5,100, that had a cost of $3,400. Record the cost of Inventory sold. 11 Record return of damaged radios to Sound Unlimited and receive credit of $400. ....!! Note : journal entry has been entered Record entry Clear entry View general journal Required information X: $3,600. 12 8 Record purchase of radios on account from Sound Unlimited for $3,600, terms 3/10, n/30. irms 9 Sell radios to customers for cash, $5,100, that had a cost of $3,400. Record the sale of inventory for cash. 10 Sell radios to customers for cash, $5,100, that had a cost of $3,400. Record the cost of inventory sold. Credit 11 Record return of damaged radios to Sound Unlimited and receive credit of $400. 12 Record payment to Sound Unlimited in full. Note : = journal entry has been entered Record entry Clear entry View general journal Check my w - June 26 Return damaged radios to Sound Unlimited and receive credit of $400. June 28 Pay Sound Unlimited in full. 2. Record the month-end adjustment to inventory, assuming that a final count reveals ending inventory with a cost of $2,042. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet
