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 $2,550. The following transactions occur during the 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 radion 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 6-38 Part 2 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
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 $2,550. The following transactions occur during the 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 radion 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 6-38 Part 2 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
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 66BPSB: Recording Sale and Purchase Transactions Jordan Footwear sells athletic shoes and uses the perpetual...
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![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 $2,550. The following transactions occur during the
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.
Problem 6-3B Part 2
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F13b0ceef-05f6-4a6a-9ec4-f23fb332bc84%2Fda06f723-e76a-4293-ba4f-bbe11e87766b%2Fyx54i24_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 $2,550. The following transactions occur during the
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.
Problem 6-3B Part 2
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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