Problem 6-9B Record transactions and prepare a partial income statement using a periodic in system (LO6-8) [The following information applies to the questions displayed below.] At the beginning of June, Circuit Country has a balance in inventory of $2,550. The following transactions oc month of June. June 2 Purchase radios on account from Radio World for $2,250, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $310. June 8 Return defective radios to Radio World and receive credit, $400. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4,100, that had a cost of $2,750. June 18 Receive payment on account from customers, $3,100. June 20 Purchase radios on account from Sound Unlimited for $3,350, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,850, that had a cost of $3,150. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlimited in full.

Financial Accounting: The Impact on Decision Makers
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Author:Gary A. Porter, Curtis L. Norton
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Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
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Required information
Problem 6-9B Record transactions and prepare a partial income statement using a periodic inventory
system (LO6-8)
[The following information applies to the questions displayed below.]
At the beginning of June, Circuit Country has a balance in inventory of $2,550. The following transactions occur during the
month of June.
2 Purchase radios on account from Radio World for $2,250, terms 2/15, n/45.
4 Pay cash for freight charges related to the June 2 purchase from Radio World, $310.
8 Return defective radios to Radio World and receive credit, $400.
June
June
June
June 10 Pay Radio World in full.
June 11 Sell radios to customers on account, $4,100, that had a cost of $2,750.
June 18 Receive payment on account from customers, $3,100.
June 20 Purchase radios on account from Sound Unlimited for $3,350, terms 2/10, n/30.
June 23 Sell radios to customers for cash, $4,850, that had a cost of $3,150.
June 26 Return damaged radios to Sound Unlimited and receive credit of $500.
June 28 Pay Sound Unlimited in full.
Problem 6-9B Part 2
2.
Record the month-end adjustment to inventory, assuming that a final count reveals ending inventory with a cost of $1,566. (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
Transcribed Image Text:! Required information Problem 6-9B Record transactions and prepare a partial income statement using a periodic inventory system (LO6-8) [The following information applies to the questions displayed below.] At the beginning of June, Circuit Country has a balance in inventory of $2,550. The following transactions occur during the month of June. 2 Purchase radios on account from Radio World for $2,250, terms 2/15, n/45. 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $310. 8 Return defective radios to Radio World and receive credit, $400. June June June June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4,100, that had a cost of $2,750. June 18 Receive payment on account from customers, $3,100. June 20 Purchase radios on account from Sound Unlimited for $3,350, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,850, that had a cost of $3,150. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlimited in full. Problem 6-9B Part 2 2. Record the month-end adjustment to inventory, assuming that a final count reveals ending inventory with a cost of $1,566. (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
!
Required information
2.
Record the month-end adjustment to inventory, assuming that a final count reveals ending inventory with a cost of $1,566. (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
1
>
Record period-end adjustment.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
June 30
Transcribed Image Text:! Required information 2. Record the month-end adjustment to inventory, assuming that a final count reveals ending inventory with a cost of $1,566. (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 1 > Record period-end adjustment. Note: Enter debits before credits. Date General Journal Debit Credit June 30
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The periodic inventory method does not keep record for cost of goods sold with every purchase transaction.

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