Note: Enter debits before credits.DateJune 02General JournalDebitCredit At the beginning of June, Circuit Country has a balance in inventory of $2,650. The following transactions occur during the month ofJune.June 2 Purchase radios on account from Radio World for $2,350, terms 2/15, n/45.June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $330.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, $4,300, that had a cost of $2,850.June 18 Receive payment on account from customers, $3,300.June 20 Purchase radios on account from Sound Unlimited for $3,450, terms 2/10, n/30.June 23 Sell radios to customers for cash, $4,950, that had a cost of $3,250.June 26 Return damaged radios to Sound Unlimited and receive credit of $400.June 28 Pay Sound Unlimited in full.

Journal entry is the primary reporting of the business transactions in the books of accounts. These…

At the beginning of June, Circuit Country has a balance in inventory of $2,650. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,350, terms 2/15, n/45. June Pay cash for freight charges related to the June 2 purchase from Radio World, $330. Return defective radios to Radio World and receive credit, $300. June 8 June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4,300, that had a cost of $2,850. June 18 Receive payment on account from customers, $3,300. June 20 Purchase radios on account from Sound Unlimited for $3,450, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,950, that had a cost of $3,250. June 26 Return damaged radios to Sound Unlimited and receive credit of $400. June 28 Pay Sound Unlimited in full.

At the beginning of June, Circuit Country has a balance in inventory of $2,650. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,350, terms 2/15, n/45. June Pay cash for freight charges related to the June 2 purchase from Radio World, $330. Return defective radios to Radio World and receive credit, $300. June 8 June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4,300, that had a cost of $2,850. June 18 Receive payment on account from customers, $3,300. June 20 Purchase radios on account from Sound Unlimited for $3,450, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,950, that had a cost of $3,250. June 26 Return damaged radios to Sound Unlimited and receive credit of $400. June 28 Pay Sound Unlimited in full.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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