Required:1. Assuming that Circuit Country uses a periodic inventory system, record the transactions. (If no entry is required for a particulartransaction, select "No Journal Entry Required" in the first account field.)X Answer is complete but not entirely correct.NoDateGeneral JournalDebitCredit1June 02Purchases2,250Accounts Payable2,250June 04Freight-in310Cash3103June 08Accounts Payable400Purchases4004June 10Accounts Payable1,850Purchase Discounts37Cash1,813June 11Accounts Receivable4,100Sales Revenue4,100June 11Cost of Goods Sold2,750Inventory2,750 !Required informationProblem 6-9B Record transactions and prepare a partial income statement using a periodic inventorysystem (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 themonth 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.JuneJuneJuneJune 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 Selll 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 1Required:1. Assuming that Circuit Country uses a periodic inventory system, record the transactions. (If no entry is required for a particulartransaction, select "No Journal Entry Required" in the first account field.)X Answer is complete but not entirely correct.

The journal keeps the record for day to day transactions of the business. Under periodic inventory…

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 th 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.

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 th 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.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 5PB

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Required information Skip to question [The following information applies to the questions displayed below.] Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). Merchandise inventory $ 45,800 Sales returns and allowances $ 4,900 T. Nix, Capital 131,300 Cost of goods sold 109,800 T. Nix, Withdrawals 7,000 Depreciation expense 11,900 Sales 162,600 Salaries expense 40,500 Sales discounts 4,500 Miscellaneous expenses 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $43,850. Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from QS 5-9. (The solution from QS 5-9 is required to complete this question.)
Required information Skip to question [The following information applies to the questions displayed below.] Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). Merchandise inventory $ 45,800 Sales returns and allowances $ 4,900 T. Nix, Capital 131,300 Cost of goods sold 109,800 T. Nix, Withdrawals 7,000 Depreciation expense 11,900 Sales 162,600 Salaries expense 40,500 Sales discounts 4,500 Miscellaneous expenses 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $43,850. Prepare the entry to record any inventory shrinkage.
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