[The following information applies to the questions dlisplayed below.) At the beginning of June, Circuit Country has a balance in inventory of $2,600. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2, 300, terms 1/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $320. 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, 200, that had a cost of $2,800. June 18 Receive payment on account from customers, $3, 200. June 20 Purchase radios on account from Sound Unlimited for $3,400, terms 3/10, n/30. June 23 Sell radios to customers for cash, $4,980, that had a cost of $3, 200. June 26 Return damaged radios to Sound Unlimited and receive credit of $300. June 28 Pay Sound Unlimited in full. Requlred: 1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions. (If no entry Is requlred for a transaction/event, select "No Journal Entry Requlred" In the first account fleld.)
[The following information applies to the questions dlisplayed below.) At the beginning of June, Circuit Country has a balance in inventory of $2,600. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2, 300, terms 1/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $320. 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, 200, that had a cost of $2,800. June 18 Receive payment on account from customers, $3, 200. June 20 Purchase radios on account from Sound Unlimited for $3,400, terms 3/10, n/30. June 23 Sell radios to customers for cash, $4,980, that had a cost of $3, 200. June 26 Return damaged radios to Sound Unlimited and receive credit of $300. June 28 Pay Sound Unlimited in full. Requlred: 1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions. (If no entry Is requlred for a transaction/event, select "No Journal Entry Requlred" In the first account fleld.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 14E: Refer to the information in E22-13. Required: Prepare the correcting journal entries if the company...
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![Requlred Informatlon
[The following information applies to the questions displayed below.]
At the beginning of June, Circuit Country has a balance in inventory of $2,600. The following transactions occur during the
month of June.
June 2 Purchase radios on account from Radio World for $2,300, terms 1/15, n/45.
June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $320.
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, $4,20e, that had a cost of $2, 800.
June 18 Receive payment on account from customers, $3,200.
June 20 Purchase radios on account from Sound Unlimited for $3,400, terms 3/18, n/30.
June 23 Sell radios to customers for cash, $4,980, that had a cost of $3,200.
June 26 Return damaged radios to Sound Unlimited and receive credit of $300.
June 28 Pay Sound Unlimited in full.
Requlred:
1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions. (If no entry Is requlred for a
transaction/event, select "No Journal Entry Requlred" In the first account fleld.)
View transaction list
Journal entry worksheet
3 4 5 6 7
>
2
8 .....
12
Record purchase of radios on account from Radio World for $2,300, terms
1/15, n/45.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
June 02
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F592012b8-ea94-4617-b9bc-5287828e50e3%2Fed4b0cf1-1397-4b87-8553-7717194e9585%2F493r5f_processed.png&w=3840&q=75)
Transcribed Image Text:Requlred Informatlon
[The following information applies to the questions displayed below.]
At the beginning of June, Circuit Country has a balance in inventory of $2,600. The following transactions occur during the
month of June.
June 2 Purchase radios on account from Radio World for $2,300, terms 1/15, n/45.
June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $320.
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, $4,20e, that had a cost of $2, 800.
June 18 Receive payment on account from customers, $3,200.
June 20 Purchase radios on account from Sound Unlimited for $3,400, terms 3/18, n/30.
June 23 Sell radios to customers for cash, $4,980, that had a cost of $3,200.
June 26 Return damaged radios to Sound Unlimited and receive credit of $300.
June 28 Pay Sound Unlimited in full.
Requlred:
1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions. (If no entry Is requlred for a
transaction/event, select "No Journal Entry Requlred" In the first account fleld.)
View transaction list
Journal entry worksheet
3 4 5 6 7
>
2
8 .....
12
Record purchase of radios on account from Radio World for $2,300, terms
1/15, n/45.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
June 02
Record entry
Clear entry
View general journal
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